Block Energy Provides Update on WR-34Z Well Test Results

Source: 9/26/2023, Location: Asia

Further to the announcement on 31st August 2023, Block Energy plc, the exploration and production company focused on Georgia, is pleased to provide an update on the well test of WR-34Z.

WR-34Z Test Results

WR-34Z has now been in continuous production for over 19 days on a range of choke settings from 7.1mm to 12.7 mm, producing at an average rate of 223 boepd (153 bopd & 11,900 m3/d gas). The well has now been handed over to the production team, on a 10.3mm choke size, with production at a five-day average rate of 150 boepd with all produced hydrocarbons being monetised.

Total group production as of the 25th September was 684 boepd.

Project I

In 2022, ERCE completed an independent reserves report on a portion of the West Rustavi/Krtsanisi field and assigned gross 3P reserves of 3.01 MMstb oil & 2.14 BSCF gas with an associated NPV 10 of USD 57 MM.

The first of the Company's Project I development wells, JKT-01Z commenced production in January 2022 and continues to perform better that the mid case from the ERCE reserve report. WR-B01Za was brought onto stabilised production in March 2023 and continues to perform above the high case from the ERCE reserve report.

Well WR-34Z was drilled within the area covered by the ERCE reserves report and its success validates both the conclusions of this evaluation and the Company's internal contingent resource report ascribing 2C contingent resources of 19.5 MMstb within the wider field.

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

"Drilling and successful testing of WR-34Z marks the third consecutive Project I development well, which was drilled safely, on time and within budget, boosting group production and enhancing the Company's overall cashflow position. Operational and financial performance for the Company in 2023 is promising to be strong, providing the platform to pursue some of the higher-impact opportunities throughout our portfolio. The team's focus will now shift to drilling KRT-45Z, our fourth Project I well and I look forward to providing further updates on this and wider project activity in due course."

Stephen James BSc, MBA, PhD (Block's Subsurface Manager) has reviewed the reserve, resource and production information contained in this announcement. Dr James is a geoscientist with over 40 years of experience in field development and reservoir management.

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