Block Energy Provides 2021 Drilling Campaign Update

Source: 11/12/2021, Location: Asia

· Following the interim installation of a rod pump, WR-B1a is currently producing 50 bopd.
· The second well of the campaign, the fully-funded side-track of JKT-01, is due to spud before the end of November.
· Following intensive analysis of Block's 3D-seismic-survey, the JKT-01 horizontal hole will be drilled at a different orientation to that of WR-B1a.
· Post JKT-01, a low-cost side-track will be drilled from WR-B1a to increase production to forecast levels.

Well WR-B1a
Block Energy plc, the development and production company focused on Georgia, announces that, following the interim installation of a rod pump, well WR-B1a has produced an average of 50 bopd over the last eight days. At this rate and current oil price, WR-B1a will generate $1.0 million cash revenue to the Company per year.

A rod pump was installed on WR-B1a for the clean-up operations. Following the side-track of JKT-01, downhole operations at WR-B1a will resume with a low-cost side-track from the same well bore. It will target significant fractures and faults, newly identified from attribute analysis of the 3D-seismic survey, at a higher level within the Middle Eocene reservoir. The attribute analysis has been recalibrated from the significant amounts of data acquired through drilling WR-B1a.

WR-B1a was deliberately drilled into a less fractured zone in an attempt to produce more stable oil production rates, and to minimise water production. However, this resulted in oil production also being below targeted levels, and the attribute analysis provides some possible reasons why this may have occurred. This greater understanding of the reservoir has informed the placement of the JKT-01 wellbore, in order to change the orientation to target the larger fractures observed in the attribute analysis.

Well JKT-01
Well JKT-01 side-track is fully-funded and on target to commence drilling in the second half of November. The drilling rig is on the newly refurbished wellsite, and undergoing a final planned rehabilitation before drilling operations commence. Analysis of the production data indicates that a volume of some 8 million barrels of oil is present in this area of the reservoir.

Block Energy plc's Chief Executive Officer, Paul Haywood, said:
"Well WR-B1a has not so far produced at the forecast rate, but we have leveraged the new data gathered from the well to greatly enhance the potential production rates from JKT-01 and subsequent wells. Our technical team's new attribute analysis also supports the plan to return to WR-B1a, aimed at delivering production more in-line with initial expectations. I encourage you all to watch the video by Stephen James, our in-house expert on fractured reservoirs."

Jonathan Bedford (Block's Technical Manager) has reviewed the reserve, resource and production information contained in this announcement. Mr Bedford has an MSc in Petroleum Geoscience from the University of Aberdeen and is a petrophysicist.

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