Block Energy plc has started production from its third well, in the first of three projects, and is preparing to drill the fourth on the West Rustavi-Krtsanisi field, Georgia.
TEST RESULTS
The company said that the WR-34Z development well had been in continuous production for more than 19 days with test results showing an average rate of 223 boepd.
The production team has now taken over the well, recording a five-day average rate of 150 boepd, all to be monetised.
As of 25 September, total group production was 684 boepd.
The company’s reserve auditor ERCE has attributed gross 3P reserves of 3.01 MMbbl and 2.14bscf gas to the site.
The first development well JKT-01Z, which began producing in January 2022, continues to perform “better that the mid case from the ERCE reserve report”, said Block.
WR-B01Za well was brought on to stabilised production in March 2023 and continues to perform “above the high case” from the report.
The company will next drill KRT-45Z, the fourth project I well, which was initially meant to be the first development well.
Chief executive officer Paul Haywood added that WR-34Z had been drilled safely, on time and within budget.
“Operational and financial performance for the company in 2023 is promising to be strong, providing the platform to pursue some of the higher-impact opportunities throughout our portfolio.”