Block Energy PLC Mobilisation of ZJ40 Drilling Rig to 38Z Wellsite (4623K)
August 29 2019 - 2:00AM
UK Regulatory
TIDMBLOE
RNS Number : 4623K
Block Energy PLC
29 August 2019
Block Energy Plc | Index: AIM | Epic: BLOE.L | Sector: Oil and
Gas
29 August 2019
Block Energy PLC ('Block Energy' or 'the Company')
Mobilisation of ZJ40 Drilling Rig to 38Z Wellsite
Block Energy Plc ('the Company' or 'Block'), the exploration and
production company focused on the Republic of Georgia, is pleased
to announce the mobilisation of a ZJ40 drilling rig to the site of
well 38Z at its flagship West Rustavi field ('the Field') in
preparation for planned horizontal sidetrack operations.
An A50 service rig was moved to the site to workover the well
earlier this month (RNS: https://bit.ly/2YxCYYx). The mobilisation
of the ZJ40 rig triggers the 12 month term of the agreement the
Company reached this July with JSC Norio Oil Company and Georgia
Oil and Gas Ltd for the hire of drilling and workover equipment
(RNS: https://bit.ly/33fLpX6).
The sidetracking of well 38Z is the next phase in Block's GBP12
million programme (RNS: https://bit.ly/2WYyx8e) to rapidly scale
oil and gas production across the Field, in which Block holds a
100% working interest (RNS: https://bit.ly/30NekzE). West Rustavi
has an estimated 0.9 MMbbls 2P oil reserves, 38 MMbbls of gross
unrisked 2C contingent resources of oil in the Middle, Upper and
Lower, Eocene and 608 BCF of legacy gross unrisked 2C contingent
resources of gas in the Eocene and Cretaceous (Source: CPR
Gustavson Associates : 1 January 2018).
Well 38Z is analogous, adjacent and updip to well 16aZ, where
Block resumed production last month (RNS: https://bit.ly/2SRUO2l).
Both wells target the same Middle Eocene formation. The Company
will draw on the valuable experience gathered from the drilling of
well 16aZ to optimise the completion design for well 38Z. Block
plans to horizontally sidetrack three other wells across the Field
in addition to wells 38Z and 16aZ, and acquire a 3D seismic survey
to pinpoint further optimal locations for production.
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
**ENDS**
For further information please visit
http://www.blockenergy.co.uk/ or contact:
Paul Haywood Block Energy Plc Tel: +44 (0)20 7997 6136
(Chief Executive Officer)
Neil Baldwin Spark Advisory Partners Limited Tel: +44 (0)20 3368 3554
(Nominated Adviser)
Peter Krens Mirabaud Securities Limited Tel: +44 (0)20 3167 7221
(Corporate Broker)
Frank Buhagiar/Juliet Earl St Brides Partners Ltd Tel: +44 (0)20 7236 1177
(Financial PR)
Notes
1. Well 16aZ has been referred to as well 16a in previous
updates. The Company is now referring to the well as 16aZ to
reflect the addition of the horizontal sidetrack to the vertical
well.
2. Block Energy is using the suffix Z in a well number to indicate a horizontal sidetrack.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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