Block Energy provides production update for Georgia project
(WO) —Block Energy plc, the exploration and production company focused on Georgia, provided an update on Project I, including the results of the extended well test on WR-B01Za.
WR-B01Za has now been producing at a rate of 269 boed over 12 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 sidetrack program now stands above 250,000 BOE.
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, “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.”