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23 Aug 2018 | 09:45

Block Energy 'on-track' to ramp up production in Georgia

Block Energy said Thursday it remained on-track to undertake a phase three work programme focused on scaling up production in Georgia.

The programme would focus on scaling up production to 900 barrels of oil per day (bopd) within 18-to-24 months supported.

Service rig inspections were complete and final negotiations for contracts were underway ahead of a short three well workover programme slated for the third quarter, the company said. Following completion, the rig would move to Norio where eight candidate wells have been selected.

Two separate rigs, meanwhile, would be moved to the West Rustavi area, where high impact sidetracks would target 300 bopd.

'Having recently increased our working interest to 25%, we look forward to commencing drilling at the first of several high-impact locations as per our work programme which will earn our eventual 75% working interest in the permit,' said Paul Haywood, Director of Block Energy.

At 9:45am: (LON:BLOE) Block Energy Plc Ord Shs Gbp0.0025 share price was 0p at 3.3p

Story provided by StockMarketWire.com
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