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28 Aug 2018 | 09:42

Block Energy receives production sharing contract for its West Rustavi licence

Block Energy said Tuesday it had received the production sharing contract for its West Rustavi licence from the Republic of Georgia government paving the way for the company to begin its 'high-impact' work programme.

The block holds a 25% working interest in West Rustavi which had proven reserves and gross, unrisked contingent resources of 608 BCF gas and 37.9m barrels of oil.

The production sharing contract would come into effect on 1 September and allow the block to conduct planned operations within the licence area, the company said.

Drilling of the first high impact horizontal side-track is expected to commence during the fourth quarter of 2018 and to be completed and on production by the early first quarter of 2019.

Initial oil production from the well is forecast to be approximately 300 barres a day and the block had identified four other existing wells that can be re-entered and side-tracked in a similar manner, the company said.

At 9:42am: (LON:BLOE) Block Energy Plc Ord Shs Gbp0.0025 share price was +0.03p at 3.33p

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