Block Energy Provides Project I Update

Source: 4/3/2023, Location: Asia

Further to the announcement made on WR-B01Za on 28th 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 m3/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.

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