BLOE10 May 2019 09:55
Business Strategy
The company has planned a three stage work programme to develop the significant potential of its assets:
Stage 1 (2018-2019):
Increase production to 900 bopd via a low cost low risk workover programme and sidetrack of existing wells
The company will break even at 100bopd
Stage 2 (2018-2019):
Test and flow gas in previous discoveries of West Rustavi containing significant gas potential
Sidetrack existing wells and drill new horizontal wells to increase production to 2,500bopd
Stage 3 (2020-):
Bring West Rustavi gas online
Estimated net back of ~$3/Mcf
Expand asset portfolio in Georgia and wider European region