Block Energy announces successful completion of WR-34Z drilling in Georgia

Block Energy plc, a development and production company focusing on Georgia, has announced the successful completion of drilling operations for well WR-34Z. The well has reached its total depth (“TD”) and is now set to undergo testing. All drilling operations were conducted on time and within budget by Block Energy‘s in-house operating team.

Well WR-34Z Joins Lineup of Successful Drilling Operations

The well WR-34Z follows the success of two prior wells, JKT-01Z and WR-B01Za, in enhancing the company’s production profile. Like its predecessors, WR-34Z is a low-cost side-track hole drilled from an existing donor well. The well aims to maximize productivity by horizontally tracking the upper part of the Middle Eocene formation, thereby increasing the exposure of the wellbore to productive fractures.

Block Energy Continues to Develop Krtsanisi Anticline Area

Well WR-34Z marks Block Energy’s third well in its five-well Project I initiative, focusing on developing the Krtsanisi anticline area in the West Rustavi-Krtsanisi field. The company’s reserve auditor, ERCE, has assigned gross 3P reserves of 3.01 MMbbl to this area, with a net present value of USD 57.0 million. Block Energy’s internal estimates point to 27.5 MMbbls of 3C Contingent Resources for the entire full field development of Project I West Rustavi-Krtsanisi.

Statements from Block Energy’s CEO Confirm Success and Future Plans

Block Energy plc’s CEO, Paul Haywood, praised the progress of well WR-34Z, acknowledging the in-house operations and subsurface teams for their contributions. “We are encouraged by the successful drilling operations and look forward to providing further updates on the testing of WR-34Z soon,” Haywood said. The well is set to be tested and subsequently integrated into production, alongside other successful Project I wells.

In summary, Block Energy’s well WR-34Z marks another milestone in the company’s ongoing efforts to develop oil reserves in Georgia’s Krtsanisi anticline area. With successful drilling operations completed on time and within budget, Block Energy is poised to continue enhancing its production profile through its strategic Project I initiative.