Evening standard1 Apr 2019 16:47
Bloe mentioned in the evening standard ..Block energy is up 60%. The Georgian focused oil and gas company said its recently drilled well on its West Rustavi field flowed at 1,100 barrels of oil per day, three times more than pre-drill forecasts of 325 barrels per day. Boss Paul Haywood said: ‘We are delighted to report such encouraging test results from the first well we have sidetracked at our flagship West Rustavi field, delivering a production rate significantly higher than that initially presented. Current performance, complemented by the Company’s increased working interest in the licence, looks set to deliver great value to our shareholders. ‘Management will now digest this extaordinary result and crystalise a development strategy beyond that already outlined to the market on Well 38. This is truly an exciting time for Block Energy, and we look forward to updating the market shortly.’