Block Energy plc has started drilling WR-B01 sidetrack well at West Rustavi oil field in Georgia.
PROJECT 1
Well WR-B01 ST is part of Project I, which is focused on the development of the Middle Eocene reservoir within West Rustavi/Krtsanisi.
The well is targeting a fracture system on the west side of the Krtsanisi anticline on the West Rustavi oil field.
Block Energy will drill the well 500m to the west and up-dip of well JKT-01Z, which has been on continuous production for almost a year, with “cumulative volumes of over 73,000 boe”.
“The ERCE 2022 competent person’s report ascribed 3.01 million barrels 3P reserves, with an NPV project value of US$57 million, to just a portion of the West Rustavi/Krtsanisi Middle Eocene reservoir,” added the company in a statement.
“The company’s contingent resource report ascribes a total of 19.5 million barrels 2C contingent resource to the whole of the West Rustavi/Krtsanisi area.”
Block Energy is funding the well from its cash reserves and cash flows.