Last checked at 28 Jul 2021 07:00
28 July 2021
Block Energy plc
("Block" or the "Company")
Well WR-B1 Drilling Update
Block Energy plc, the development and production company focused on Georgia, is pleased to announce that well WR-B1 has successfully reached the 9 ⅝" casing point, having drilled ahead from the kick-off point earlier in the month. The casing has been installed and cemented in place at the top of the Middle Eocene reservoir. The reservoir was encountered within two metres of the depth prognosed using the data from the Company's 3D-seismic survey.
The Company will now commence drilling the horizontal 8 ½" reservoir section of the well. The well is expected to reach total depth in August, at which point Block will provide a further update.
Well WR-B1 is potentially transformative for the Company, targeting 2.1 MMboe of recoverable oil and gas. If WR-B1 is successful, it will be tied into Block's Early Production Facility for processing both oil and gas produced.
Block Energy plc's Chief Executive Officer, Paul Haywood, said:
"The drilling of well WR-B1 remains on target and as planned. Reaching the second casing point represents a significant milestone in the successful delivery of this well. The team on the ground has undertaken the drilling operations safely and efficiency and we can now look forward to commencing the horizontal section of the well to the target depth."
**ENDS**
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For further information please visit http://www.blockenergy.co.uk/ or contact:
Paul Haywood (Chief Executive Officer) | Block Energy plc | Tel: +44 (0)20 3468 9891 |
Neil Baldwin (Nominated Adviser) | Spark Advisory Partners Limited | Tel: +44 (0)20 3368 3554 |
Peter Krens (Corporate Broker) | Tennyson Securities | Tel: +44 (0)20 7186 9030 |
Philip Dennis / Mark Antelme (Financial PR) | Celicourt Communications | Tel: +44 (0)20 8434 2643 |
Notes to editors
Block Energy plc is an AIM-listed independent oil and gas company focused on production and development in Georgia, applying innovative technology to realise the full potential of previously discovered fields.
Block has a 100% working interest in Georgian onshore licence blocks IX and XIB. Licence block XIB is Georgia's most productive block, with 2P oil and gas reserves of 64 MMboe, which is comprised 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historic production of over 180 MMbbls of oil from the Middle Eocene, peaking in the mid-1980s at 67,000 bopd.
The Company has a 100% working interest in the highly prospective West Rustavi onshore oil and gas field with multiple wells that have tested oil and gas from a range of geological horizons. The field has so far produced 50 Mbbls of light sweet crude and has 0.9 MMbbls of gross 2P oil reserves in the Middle Eocene. It also has 38 MMbbls of gross unrisked 2C contingent resources of oil and 608 Bcf of gross unrisked 2C contingent resources of gas in the Middle, Upper and Lower Eocene formations (Source: CPR Gustavson Associates: 1 January 2018).
Block also holds 100% and 90% working interests respectively in the onshore oil producing Norio and Satskhenisi fields.
The Company offers a clear entry point for investors to gain exposure to Georgia's growing economy and the strong regional demand for oil and gas.
Glossary
1. bbls: barrels. A barrel is 35 imperial gallons.
2. boe: barrels of oil equivalent.
3. bopd: barrels of oil per day.
4. Mbbls: thousand barrels.
5. MMbbls: million barrels.
6. MMboe: million barrels of oil equivalent.
7. Bcf: billion cubic feet.