Block Energy's Operations Manager Provides an Update from WR-B1 Well Site in Georgia.
Q3 Operational Update
Block Energy Plc recently announced its operations update for the three months ended 30 September 2021 - below are some highlights. To read the full RNS click HERE
Highlights
· Over 130,000 operational man-hours worked in Q3 2021, with no LTIs
· Well WR-B1a is undergoing clean-up operations and testing
· Preparatory work on the second well in the 2021 drilling programme, JKT-01, is progressing well
· Q3 production of 34.6 Mboe (Q2: 42.6 Mboe)
· Q3 revenue of
o oil revenue of
o gas revenue of
About Block Energy
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, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historical 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.