Block Energy plc has started drilling its third Project I development well WR-34Z in Georgia.
AGGRESSIVE PLAN
Project I is the development of the Middle Eocene oil reservoir in the West Rustavi-Krtsanisi field
Well WR-34Z is part of the development of the 3.01 MMbbl gross 3P reserves, with a net present value of US$57 million.
Block Energy’s own in-house team is conducting operations.
“We’re looking forward to the results from our next Project I development well, WR-34Z, which aims to build on the back-to-back drilling success that has already materially improved the company’s cash flow this year,” added chief executive officer Paul Haywood.
“More broadly, we have set out an aggressive drilling plan for the remainder of this year and next, which, on success, will allow us to further increase our rate of drilling across Project I, whilst also prioritising the appraisal of the high-impact gas and oil targets across Project III and II respectively.”