Block Energy plc aims to spud the next well this month for Project I of its onshore oil and gas operations in Georgia.
WELLS
The company’s Q2 2023 report added that back-to-back drilling resulted in record production with an average rate of 664 boepd (Q1: 400 boepd).
The success of wells JKT-01Z and WR-B01Za has also boosted the company’s confidence in drilling productive wells into the Middle Eocene reservoir.
“Consequently, the company intends to advance its Project I, phase one strategy and drill two further side-tracks and a new well, potentially consisting of multi-lateral technology, targeting production rates some 2-3x those achieved in previous horizontal wells.”
The company will use the $2 million loan secured in May to maintain drilling momentum.
More than 80,300 operational man hours were worked by staff and contractors during the quarter, with no lost time injuries.
Block said it flared 71,604 m3 of gas over the period as a result of shutdowns and maintenance.
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