Block Energy plc, the development and production company focused on Georgia, is pleased to announce it has spud its next Project I development well,
WR-34Z.
WR-34Z
Following a detailed review of the Company's planned drilling sequence, WR-34Z has been selected as the Company's third Project I, Phase I development well. The well forms part of the development of the 3.01 MMbbl gross 3P reserves, with a net present value of USD 57.0 MM, attributed by ERCE to a portion of the West Rustavi/Krtsanisi field. Delivery of this development programme is being undertaken by Block's in-house operating company.
Block Energy plc's Chief Executive Officer, Paul Haywood, said:
"We're looking forward to the results from our next Project I development well, WR-34Z, which aims to build on the back-to-back drilling success that has already materially improved the Company's cash flow this year. More broadly, we have set out an aggressive drilling plan for the remainder of this year and next, which, on success, will allow us to further increase our rate of drilling across Project I, whilst also prioritising the appraisal of the high-impact gas and oil targets across Project III and II respectively."
