Share Name Share Symbol Market Type Share ISIN Share Description
Block Energy Plc LSE:BLOE London Ordinary Share GB00BF3TBT48 ORD SHS GBP0.0025
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05 -0.96% 5.15 5.00 5.30 5.20 5.15 5.20 1,676,147 12:18:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.1 -1.4 -1.2 - 20

Block Energy PLC Operations Update

31/10/2019 7:00am

UK Regulatory (RNS & others)


Block Energy (LSE:BLOE)
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RNS Number : 7106R

Block Energy PLC

31 October 2019

31 October 2019

Block Energy Plc

("Block" or the "Company")

Operations Update

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce the completion of drilling at well WR-38Z ("WR-38Z" or "the Well") at its flagship West Rustavi field ("West Rustavi" or "the Field") following the reaching of planned total depth ("TD") and installation of a slotted production liner.

A final TD of 2,634m was reached with the successful drilling of 646m of a highly-deviated, horizontal wellbore section into the Field's primary oil-bearing Middle Eocene formation. Drilling operations were completed with the subsequent installation of a slotted 4 1/2 " production liner. Field observations at the wellsite indicate multiple natural fractures, and oil shows were encountered during drilling. Direct measurements of WR-38Z's productivity will be available when the Company's planned well test is complete: Block will provide further guidance on the Well's test results over the coming weeks.

As the Company announced on 21 October 2019 WR-38Z's design has been informed by valuable data gained through operations at the first West Rustavi well that the Company drilled, the appraisal well WR-16aZ. WR-38Z's design includes the use of swellable packers that guard against possible fluid incursion from formations beyond the targeted Middle Eocene zone.

WR-38Z is the second in the multi-well programme Block is pursuing to realise West Rustavi's oil and gas potential. The Company plans to sidetrack three other wells, and is currently acquiring a 3D seismic survey to provide a comprehensive understanding of West Rustavi's subsurface to facilitate the identification of optimal locations for future drilling.

Paul Haywood, Director of Block Energy, said:

"We're delighted to announce further significant progress in our multi-well campaign with the completion of drilling operations at WR-38Z. We look forward to announcing the test flow rate as soon as we are able to do so."

Roger McMechan, Technical Director, has reviewed the operational, reserve, resource and production information contained in this announcement. Mr McMechan has a BSc in Engineering from the University of Waterloo, Canada and is a Professional Engineer registered in Alberta.

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

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

 
 Paul Haywood                                 Block Energy Plc                  Tel: +44 (0)20 3980 6250 
  (Chief Executive Officer) 
 Neil Baldwin                                 Spark Advisory Partners Limited   Tel: +44 (0)20 3368 3554 
  (Nominated Adviser) 
 Peter Krens                                  Mirabaud Securities Limited       Tel: +44 (0)20 3167 7221 
  (Corporate Broker) 
 Billy Clegg / Owen Roberts / Violet Wilson   Camarco                           Tel: +44 (0)20 3757 4980 
  (Financial PR) 
 

Notes to editors

Block Energy is an AIM-listed independent oil and gas company focused on production and development in the Republic of Georgia, applying innovative technology to realise the full potential of previously discovered fields. The company is pursuing a fully-funded multi-well programme through 2019/20 designed to convert contingent resources to reserves, and reserves to revenue.

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 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 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 strong regional demand for oil and gas.

Glossary

   1.   Block is using the suffix 'Z' in a well number to indicate a horizontal sidetrack. 

2. Wells have been referred to as '16aZ' and '38Z' in previous updates. The Company is now prefixing well numbers with the initials of the field in which they are located. '16aZ' at West Rustavi, for example, is now referred to as 'WR-16aZ'.

   3.   bbls: barrels. A barrel is 35 imperial gallons. 
   4.   Mbbls: thousand barrels. 
   5.   MMbbls: million barrels. 
   6.   BCF: billion cubic feet. 

7. liner: a casing string that does not extend to the top of the wellbore, but instead is anchored or suspended from inside the bottom of the previous casing string.

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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