Block Energy Announces Update on JKT-01Z Production Well

Source: www.gulfoilandgas.com 2/24/2022, Location: Asia

Block Energy plc, the exploration and production company focused on Georgia, has announced production from well JKT-01Z continues at a current rate of 310 boepd, comprising 182 bopd and 21,800 m3 (128 boe) of gas per day. It is encouraging to note, after over a month of production data, well productivity is consistent with pre-drill forecasts.

As planned, gas production from the well was rapidly tied into the previously installed gas infrastructure to enable early monetisation.

Plans for the drilling of the previously announced side-track at well WR-B1 are well advanced, with long-lead items having been ordered. The well is being funded from existing cash from current production.

Block Energy plc's Chief Executive Officer, Paul Haywood, said:

"Continued stable production from JKT-01Z has added to our confidence in the updated geological model, derived from the integration of the data acquired from the drilling of WR-B1 and other wells. We now look forward to the drilling of the planned side-track at WR-B1, with the aim of delivering production more in line with initial expectations. I would like to take the opportunity to reassure investors that operations in Georgia remain unaffected by the wider geopolitical tensions and the Board remains confident there will be no disruption due to any existing or potential sanctions or restraints of trade imposed."

Paul Jeffs (Block's Reservoir Engineer) has reviewed the reserve, resource and production information contained in this announcement. Dr Jeffs has PhD and MSc degrees in Engineering from Imperial College, London and is a Chartered Engineer with 40 years' experience in the Oil and Gas Industry.


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