Block completes deepening JSR-01 in Patardzeuli

editorial

2 years ago

Block Energy plc has completed deepening the JSR-01 well in the Patardzeuli oil field in Block XI^B in Georgia.

Encouraged: Block Energy drilled JSR-01DEEP safely and successfully as planned (*Block Energy*)

PROJECT II

The company began drilling JSR-01DEEP in early September, marking the start of Project II, one part of a three-project strategy.

Block Energy aims to evaluate a contingent resource of 200 MMbbls of oil and accelerate near-term oil production and revenue.

Project II focuses on the Patardzeuli oil field, within Block XI^B, which Block says is the most prolific field in Georgia, having produced over 100 MMbbls of oil.

The company self-funded the deepening of the well using cash generated from existing operations.

PROGRESS

“We are encouraged by the progress made to date, with drilling at JSR-01 having been safely and successfully completed as planned,” said chief executive Paul Haywood.

“Preparations are already underway for testing.”