Block Energy plc holds 302.8MMboe mean unrisked prospective resources in the Martkopi Terrace prospect within its wider Georgia gas exploration portfolio, based on an independent report. PROJECT 1V DeGoyler MacNaughton covered Block’s project IV, comprising Didi Lilo, licence XIF and exploration licence IX with private farm-out partner and operator Georgia Oil & Gas Ltd (GOGL). Findings for the Didi […]
Tag: Block Energy plc
Block starts production at WR-34Z
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 […]
Block reaches total depth in sidetrack well
Block Energy plc said its in-house team had reached total depth in the WR-34Z sidetrack development well in the West Rustavi-Krtsanisi field, Georgia. DEVELOPMENT The well will be tested before coming into production alongside the first two project I wells, JKT-01Z and WR-B01Za. Drilled from an existing donor well, WR-34Z horizontally tracks the upper part of […]
Block allots total 35m shares for staff and services
Block Energy plc has allotted an aggregate 35,124,708 ordinary shares each of 0.25p as incentives for staff and to pay service providers. Following shareholders’ approval in June 2023, the company has allotted 30 million new ordinary shares to the Intertrust Employee Benefit Trustee Ltd as trustee of the company’s employee benefit trust. Block said the shares […]
Block spuds third project I development well in Georgia
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 […]
Block to spud next project I well following record production
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 […]