Block Energy PLC Project I Update (0439V)
03 4월 2023 - 3:00PM
UK Regulatory
TIDMBLOE
RNS Number : 0439V
Block Energy PLC
03 April 2023
3 (rd) April 2023
Block Energy plc
("Block" or the "Company")
Project I Update
Further to the announcement made on WR-B01Za on 28(th) February
2023, Block Energy plc, the exploration and production company
focused on Georgia, is pleased to provide an update on Project I,
including the results of the extended well test on WR-B01Za.
Production Test
WR-B01Za has now been producing at a rate of 269 boepd (241 bopd
oil & 4,800 m(3) /d gas) over a period of twelve days,
following a successful low-cost wellbore intervention by the Block
drilling team. No formation water has been produced to date. The
well has continued to flow naturally through choke settings ranging
from 7.1 mm (18/64") to 11.1 mm (28/64") and has now been handed
over to the production team.
The results of WR-B01Za provide back-to-back drilling success,
further validating the Company's subsurface model and reservoir
understanding and confirming its ability to accurately place
horizontal wells in areas of good productivity. As planned, the
WR-B01Za trajectory penetrated and followed a seismic lineation
running parallel to and 500m to the west of the lineation
penetrated by JKT-01Z.
Cumulative production from the Block side track programme now
stands above 250,000 BOE.
Project I
The first of the Company's Project I development wells, JKT-01Z,
commenced production in January 2022 and continues to perform
better than that predicted by Block's independent reserves auditor.
In 2022, ERCE completed an independent reserve report on the
Krtsanisi anticline development area and assigned gross 3P reserves
of 3.01 MMstb oil / 2.14 BSCF gas with an associated NPV10 of USD
56.98 million.
The Company intends to drill the remaining side-tracks and new
wells defined in the Krtsanisi anticline field development plan.
The Company's internal Contingent Resource report ascribes 2C
contingent resources of 19.5 MMstb to Project I.
Project I is the development of the Middle Eocene oil reservoir
in the West Rustavi-Krtsanisi field. The reservoir is divided into
eight development areas, the first of which being drilled is the
Krtsanisi anticline area.
Commenting, Paul Haywood, Block Energy CEO said:
"Our Block Energy operational and drilling team have worked
extremely hard to design and execute the wellbore clean-out
operation. The results of the operation are very encouraging for
future development and the production added by WR-B01Za is material
to the Company. This is the second successful Project I development
well. I look forward, in due course, to updating shareholders on
further Project I activities, including the upcoming side-tracks
and new wells."
Stephen James BSc , MBA, PhD (Block's Subsurface Manager) has
reviewed the resource information contained in this announcement.
Dr James is a geoscientist with over 40 years' of experience in
field development and reservoir management.
**ENDS**
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014,
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
For further information please visit
http://www.blockenergy.co.uk/ or contact:
Paul Haywood Block Energy plc Tel: +44 (0)20
(Chief Executive 3468 9891
Officer)
Neil Baldwin Spark Advisory Partners Tel: +44 (0)20
(Nominated Adviser) Limited 3368 3554
Peter Krens Tennyson Securities Tel: +44 (0)20
(Corporate Broker) 7186 9030
P hilip Dennis C elicourt Communications Tel: +44 (0)20
/ M ark Antelme 8 434 2 643
/ Ali AlQahtani
(Financial PR)
Notes to editors
Block Energy plc is an AIM-listed independent oil and gas
company focused on production and development in Georgia, applying
innovative technology to realise the full potential of previously
discovered fields.
Block has a 100% working interest in Georgian onshore licence
blocks IX and XI(B) . Licence block XI(B) is Georgia's most
productive block. During the mid-1980s, production peaked at 67,000
bopd and cumulative production reached 100 MMbbls and 80 MMbbls of
oil from the Patardzeuli and Samgori fields, respectively. The
remaining 2P reserves across block XI(B) are 64 MMboe, comprising
2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe.
(Source: CPR Bayphase Limited: 1 July 2015). Additionally,
following an internal technical study designed to evaluate and
quantify the undrained oil potential of the Middle Eocene within
the Patardzeuli field, the Company has estimated gross unrisked 2C
contingent resources of 200 MMbbls of oil.
The Company has a 100% working interest in licence block XI(F)
containing the West Rustavi onshore oil and gas field. Multiple
wells have tested oil and gas from a range of geological horizons.
The field has so far produced over 75 Mbbls of light sweet crude
and has 0.9 MMbbls of gross 2P oil reserves in the Middle Eocene.
It also has 38 MMbbls of gross unrisked 2C contingent resources of
oil and 608 Bcf of gross unrisked 2C contingent resources of gas in
the Middle, Upper and Lower Eocene formations (Source: CPR
Gustavson Associates: 1 January 2018).
Block also holds 100% and 90% working interests respectively in
the onshore oil producing Norio and Satskhenisi fields.
The Company offers a clear entry point for investors to gain
exposure to Georgia's growing economy and the strong regional
demand for oil and gas.
Glossary
-- bbls: barrels. A barrel is 35 imperial gallons.
-- Bcf: billion cubic feet.
-- boe: barrels of oil equivalent.
-- boepd: barrels of oil equivalent per day.
-- bopd: barrels of oil per day.
-- Mbbls: thousand barrels.
-- Mboe: thousand barrels of oil equivalent.
-- Mcf: thousand cubic feet.
-- MD: measured depth.
-- MMbbls: million barrels.
-- MMboe: million barrels of oil equivalent.
-- MMcf: million cubic feet.
-- TVD: True Vertical Depth.
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END
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