Block Energy Announces Successful Completion of Drilling Operations on well WR-34Z

Source: www.gulfoilandgas.com 8/31/2023, Location: Asia

Block Energy plc, the development and production company focused on Georgia, is pleased to announce that well WR-34Z has reached total depth ("TD") and drilling operations have ceased. Testing of the well will commence shortly following completion of the well.

Drilling operations were successfully undertaken by Block's in-house operating team, without incident, on time and within budget.

The drilling of well WR-34Z follows on from two successful wells, JKT-01Z and WR-B01Za, which have significantly enhanced the Company's production profile. As with these wells, WR-34Z is a low-cost side-track hole drilled from an existing donor well. The well horizontally tracks the upper part of the Middle Eocene formation to maximise well productivity by maximising exposure of the wellbore to productive fractures.

Well WR-34Z is the Company's third Project I well out of five planned wells developing the Krtsanisi anticline area of the West Rustavi-Krtsanisi field. ERCE, the Company's reserve auditor, has attributed gross 3P reserves of 3.01 MMbbl, with a net present value of USD 57.0 MM to this area. Internal estimates ascribe 27.5 MMbbls of 3C Contingent Resources to the entire Project I West Rustavi-Krtsanisi full field development.

Block Energy plc's Chief Executive Officer, Paul Haywood, said:

"We are encouraged by progress to date on well WR-34Z, with drilling operations having successfully gone to plan. The well will now be tested before being brought into production alongside the other two successful Project I wells. I would like to thank our in-house operations team and subsurface team for all their hard work, which has again ensured this programme achieved its pre-test objectives, delivering the plan safely, on time and within budget. We look forward to providing a further update on the testing of WR-34Z soon."

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 of experience in field development and reservoir management.


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