Press

Block Energy Plc Begins Workover Operations in Georgia

Posted by OilVoice Press - OilVoice

15-Oct-2018


Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce the start of a fully-funded workover programme at its Norio oil field intended to scale up production rapidly by the end of 2018. The Company plans to carry out two workover campaigns on eight wells through Q4 2018 and Q1 2019 at the field, using an A50 rig and a specialist perforation tool imported from North America.

The programme begins with preparation work on four of the eight wells. The workovers will proceed in sequence with each expected to take five to seven days to complete. A perforation technology selected to bypass any damage caused by historic heavy mud drilling will then be applied to each well. The technique replaces conventional shaped charge perforation with a micro drilling tool able to cut horizontal drain holes at multiple levels. New or refurbished pumps will then be installed to bring the wells to production, before the process is repeated early next year on the remaining four wells.

The Company expects to complete the workover of all eight wells by the end of Q1 2019, with the aim of rapidly scaling Norio's production from 10 to 150 bopd. The field's infrastructure is already operational, allowing oil sales to commence immediately. Norio oil is currently sold at a value of Brent minus US$10. Block holds a 100% working interest in the field, which holds gross proven oil reserves of 1.631 million barrels.

The Company is also preparing to drill horizontal sidetracks and test a legacy gas discovery in the Lower Eocene at its West Rustavi field. The discovery lies on the same play being targeted by Schlumberger on neighbouring fields. When final inspections are complete a ZJ40 rig will be used to drill two high impact horizontal side-tracks, which will increase Block's working interest in the field from 25% to 75%.

Block Energy Chief Executive Officer Paul Haywood said: “The commencement of our operations today is the culmination of a great deal of hard work by the team and the gateway to an exciting future for the Company and our stakeholders. Our Norio work programme aims to scale production up to 150 bopd. Our Georgian operations are already cashflow positive, producing 15 bopd. Increasing our production ten-fold would, at current oil prices, create a highly cash generative platform for Block.

“We have put the infrastructure, technology and team in place to unlock the potential of our Norio licence, which offers multiple low cost, low risk workover opportunities. And with 608 bcf of gross unrisked contingent resources at West Rustavi, we are well placed to realise our objective to establish Block as Georgia's leading independent oil and gas company. We look forward to maintaining a high impact news flow as our work programme progresses over the coming weeks and months.”

Roger McMechan, Technical Director, has reviewed the reserve, resource and production information contained in this announcement.  Mr McMechan is a BSc, Engineering from the University of Waterloo, Canada and is a Professional Engineer registered in Alberta.

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

Block EnergyGeorgiaRepublic of GeorgiaNorio Oil FieldNorioonshore

More items from oilvoice


Premier Oil Trading and Operations Update

Premier has provided a Trading and Operations Update for the period to 15 November 2018. Highlights ·     Year-to-date production of 78.4 kboepd, up from 76.2 kboepd in the first half; forecast full-year production at around 80 kboepd ·    Record Catcher Area production rates of over 70 kbo ...

OilVoice Press - OilVoice


Posted 22 hours agoPress > Premier OilTrading UpdateOperations Update +1

Cairn Energy PLC - North Sea Operational Update

UK Norway Update - discovery and farm out Cairn announces the following; An oil discovery on the 9/14a-17B well and associated side-track on the Agar-Plantain Prospect in the UK North Sea Farm out agreement for a 40% non-operated interest of the Chimera prospect in the UK North Sea Commitmen ...

OilVoice Press - OilVoice


Posted 22 hours agoPress > Cairn EnergyNorwayUnited Kingdom +7

Suncor Energy Declares Dividend and Amends Normal Course Issuer Bid

Suncor Energy's Board of Directors has approved a quarterly dividend of $0.36 per share on its common shares, payable December 24, 2018 to shareholders of record at the close of business on December 3, 2018. Suncor also announced today that the Toronto Stock Exchange (TSX) accepted a notice filed ...

OilVoice Press - OilVoice


Posted 1 day agoPress > DividendSuncor Energy

Tullow Oil plc November Trading Update

Tullow Oil plc (Tullow) issues the following Trading Update for the period 26 July to 15 November 2018. Tullow will be hosting a Capital Markets Day on 29 November 2018. Please see full details below. The Group will also publish a Trading Statement and Operational Update on 16 January 2019 and Ful ...

OilVoice Press - OilVoice


Posted 1 day agoPress > Tullow OilTrading UpdateTullow +2

The Wolfcamp Play Has Been Key to Permian Basin Oil and Natural Gas Production Growth

Source: U.S. Energy Information Administration, based on DrillingInfo Increased oil and natural gas development in the Wolfcamp play has helped drive overall crude oil and natural gas production growth in the Permian Basin during the past decade. Drilling and completion operations within the ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > EIAEnergy Information Administration EIAUnited States +9
All posts from oilvoice