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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Block Energy PLC    BLOE   GB00BF3TBT48

BLOCK ENERGY PLC

(BLOE)
Delayed Quote. Delayed London Stock Exchange - 05/23 11:35:28 am
12.6 GBp   -7.69%
2018BLOCK ENERGY : Sunrise Resources plc - Admission to AIM of Block Energy
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Block Energy : makes positive start to Georgia well workover programme

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12/07/2018 | 05:31am EDT

"After months of planning and preparation we are glad to report that we have undertaken the successful re-entry of three wells at Norio."

Block Energy Plc (LON:BLOE) has announced a successful start to its workover programmes in Georgia, where it has now completed initial operations for the first three well renovations.

The company, in a stock market statement, said it had successfully re-entered the first three nominated wells at the Norio field and that it was now rigging up at the fourth.

Using whats described as a specialised perforation tool the company will shortly significantly enhance recovery rates from the wells.

Block highlighted that these well re-entries are the beginning of a broader programme which is targeting production of 250 barrels of oil production per day from Norio the wider programme will comprise a total of eight well workovers and one newly drilled sidetrack well.

At the same time, the company is working to upgrade infrastructure at the Norio field and these operations are due to be complete before the end of 2018.

"After months of planning and preparation we are glad to report that we have undertaken the successful re-entry of three wells at Norio, are rigging up at a fourth, and have compiled encouraging PNN logs, said Paul Haywood, Block Energy chief executive.

In addition, the specialist perforation tool has arrived in Georgia and will soon be onsite.

Significant newsflow to come

He added: Shareholders can expect significant newsflow in the coming weeks and months as we pursue our objective of increasing our production rate at Norio from 10 bopd to 250 bopd and commence work at West Rustavi where we plan on drilling two sidetracks.

We also look forward to working over two of West Rustavi`s other wells to test the extent of the field`s gas discovery."

More broadly, Haywood also highlighted the increasing levels of blue chip industry interest in Georgia which promises a potentially significant endorsement of Block Energys decision to focus on the country.

"With ExxonMobil recently entering the country and ongoing operations across Schlumberger`s 100% owned position next to our own licences, Georgia`s potential as a hydrocarbon region is being recognised by the industry, Haywood explained.

We are taking advantage of our first mover advantage to play our part in realising this potential, and in the process generating significant value for our shareholders."

(c) 2018 Bakhtar News Agency. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Managers
NameTitle
Paul Haywood Chief Executive Officer & Executive Director
Philip Anthony Dimmock Non-Executive Chairman
Serina Bierer Finance Director & Executive Director
Roger G. McMechan Executive Director & Technical Director
Niall Tomlinson Executive Director & Business Development Director
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