Block Energy Commences Drilling of JSR-01

Source: 9/5/2022, Location: Asia

Block Energy plc, the exploration and production company focused on Georgia, is pleased to confirm drilling has now commenced as planned on the previously announced JSR-01DEEP well, representing the start of Project II, in Block's three-project strategy. The well is self-funded using cash generated from existing operations.

JSR-01DEEP is targeting an undrained part of the Middle Eocene reservoir, with placement of the well path guided by 3D-seismic data attributes that indicate a zone of fractured corridors. This is the first of a series of wells in a wide range of Project II opportunities designed to evaluate large, undrained areas of the deeper zones of the Middle Eocene reservoir and test contingent resources of over 200 MMbbls, defined by Block's technical team.

Drilling involves extending the existing JSR-01 well, in the Patardzeuli oil field in Block XIB, which penetrated only the upper 55 metres of the reservoir. The reservoir is over 600 metres thick in the Patardzeuli field and has produced over 100 MMbbls of oil.

Commenting, Paul Haywood, Chief Executive Officer of Block Energy plc's, said:
"Drilling JSR-01DEEP represents the start of Project II and the first operation for the Company in the prolific Patardzeuli field, which aims to evaluate a prize of over 200 MMbbls of contingent resources. The result of drilling JSR-01DEEP will also guide us more widely in how we progress Project II, which represents the start of an exciting period for Block."

Stephen James BSc, MBA, PhD (Block's Subsurface Manager) has reviewed the reserve, resource and production information contained in this announcement. Dr James is a geoscientist with over 40 years' experience in field development and reservoir management.

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