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Block Energy PLC - Mobilisation of ZJ40 Drilling Rig to 38Z Wellsite

Thu, 29th Aug 2019 07:00

RNS Number : 4623K
Block Energy PLC
29 August 2019
 

Block Energy Plc | Index: AIM | Epic: BLOE.L | Sector: Oil and Gas

 

29 August 2019

 

Block Energy PLC ('Block Energy' or 'the Company')

Mobilisation of ZJ40 Drilling Rig to 38Z Wellsite

 

Block Energy Plc ('the Company' or 'Block'), the exploration and production company focused on the Republic of Georgia, is pleased to announce the mobilisation of a ZJ40 drilling rig to the site of well 38Z at its flagship West Rustavi field ('the Field') in preparation for planned horizontal sidetrack operations.

 

An A50 service rig was moved to the site to workover the well earlier this month (RNS: https://bit.ly/2YxCYYx). The mobilisation of the ZJ40 rig triggers the 12 month term of the agreement the Company reached this July with JSC Norio Oil Company and Georgia Oil and Gas Ltd for the hire of drilling and workover equipment (RNS: https://bit.ly/33fLpX6).

The sidetracking of well 38Z is the next phase in Block's £12 million programme (RNS: https://bit.ly/2WYyx8e) to rapidly scale oil and gas production across the Field, in which Block holds a 100% working interest (RNS: https://bit.ly/30NekzE). West Rustavi has an estimated 0.9 MMbbls 2P oil reserves, 38 MMbbls of gross unrisked 2C contingent resources of oil in the Middle, Upper and Lower, Eocene and 608 BCF of legacy gross unrisked 2C contingent resources of gas in the Eocene and Cretaceous (Source: CPR Gustavson Associates : 1 January 2018).

 

Well 38Z is analogous, adjacent and updip to well 16aZ, where Block resumed production last month (RNS: https://bit.ly/2SRUO2l). Both wells target the same Middle Eocene formation. The Company will draw on the valuable experience gathered from the drilling of well 16aZ to optimise the completion design for well 38Z. Block plans to horizontally sidetrack three other wells across the Field in addition to wells 38Z and 16aZ, and acquire a 3D seismic survey to pinpoint further optimal locations for production.

 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

 

**ENDS**

 

For further information please visit http://www.blockenergy.co.uk/ or contact:

 

Paul Haywood

(Chief Executive Officer)

Block Energy Plc

Tel: +44 (0)20 7997 6136

 

Neil Baldwin

(Nominated Adviser)

Spark Advisory Partners Limited

Tel: +44 (0)20 3368 3554

Peter Krens

(Corporate Broker)

Mirabaud Securities Limited

Tel: +44 (0)20 3167 7221

Frank Buhagiar/Juliet Earl

(Financial PR)

St Brides Partners Ltd

Tel: +44 (0)20 7236 1177

Notes

1.   Well 16aZ has been referred to as well 16a in previous updates. The Company is now referring to the well as 16aZ to reflect the addition of the horizontal sidetrack to the vertical well.

2.   Block Energy is using the suffix Z in a well number to indicate a horizontal sidetrack.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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