Production at 150 boepd began last quarter from Block Energy plc’s third well of project I in the West Rustavi-Krtsanisi field, onshore Georgia.
OPPORTUNITIES
The company’s quarterly report showed an average production during the third quarter dip to 630 boepd (Q2: 664 boepd).
Gross production totalled 58 Mboe (Q2: 60.4 Mboe) comprising 44.3 Mbbls of oil and 13.6 Mboe of gas (Q2: 48.5 Mbbls and 11.9 Mboe).
Operations have seen power shutdowns and maintenance work which resulted in flaring of 98,572 m3 or approximately 1.1m3/d of gas during Q3.
Block said that Q3 sales of US$256,000 (Q2: $266,000) will add to its cash position for “higher impact” opportunities such as the multi tcf contingent gas under project III, while it continues project I with drilling the fourth well, KRT-45Z.
As at 30 September 2023, the company had c. 17.34 Mbbls of oil in storage.
Post-period, the contract was awarded for a competent persons report on the Lower Eocene and Upper Cretaceous gas reservoirs of project III to RISC Advisory.
The CPR is expected to be shared with potential project III farm-in partners.