Block Energy spuds first slim hole technology well

(Sharecast News) - Block Energy announced the spud of its KRT-39ST well in Georgia on Friday, marking the first pilot of its new slim hole drilling technology. The AIM-traded company said the approach is expected to reduce drilling and completion costs to around 40% of those for its previous conventional sidetracks.

If successful, Block said it planned to apply the technology across both its Project I and Project II developments.

At 0952 BST, shares in Block Energy were up 11.29% at 0.95p.

Reporting by Josh White for Sharecast.com.