Block Energy plc reported stable production from well JKT-01Z, with operations at West Rustavi in Georgia unaffected by “wider geopolitical tensions”.
PRODUCTION
The company said that production was at a current rate of 310 boepd, comprising 182 bopd and 21,800 m3 (128 boe) of gas per day.
“It is encouraging to note, after over a month of production data, well productivity is consistent with pre-drill forecasts.
“As planned, gas production from the well was rapidly tied into the previously installed gas infrastructure to enable early monetisation.”
SIDETRACK
Block said that plans were advanced for the drilling of the sidetrack at well WR-B1, with long-lead items ordered.
The well is being funded from existing cash from current production.
REASSURANCE
Chief executive Paul Haywood added that continued stable production from JKT-01Z added to the company’s confidence in the updated geological model.
“We now look forward to the drilling of the planned side-track at WR-B1, with the aim of delivering production more in line with initial expectations.
“I would like to take the opportunity to reassure investors that operations in Georgia remain unaffected by the wider geopolitical tensions and the board remains confident there will be no disruption due to any existing or potential sanctions or restraints of trade imposed.”