Block Energy to sidetrack additional wells in West Rustavi
the Georgian focused energy company, announced on Thursday it has begun to mobilise a rig to sidetrack well 38Z at its flagship West Rustavi field.
The company is mobilising an A50 service rig in preparations for the first of four planned horizontal sidetrack operations across the West Rustavi field.
Block said it will "draw on the valuable experience" gathered from the drilling of well 16aZ to optimise the completion design for well 38Z.
Investors will be anticipating the flow rates from well 38Z which Block said is analogous, adjacent and updip to well 16aZ, which significantly exceeded forecasted rates in April, sending shares in the company to highs of 15p.
The company had to halt production to achieve sustainable flow rates and facilitate for storage of the excess oil, recently resuming production in late July averaging 360 boepd.
It is storing the oil at a facility leased from the Georgian Oil and Gas Corporation, the state-owned national oil company of Georgia.
Paul Haywood, Block Energy Chief Executive Officer, said: “Three of West Rustavi's other wells will also be sidetracked in the Middle Eocene structure, and two of them tested for their historic gas discoveries in the Lower Eocene.”
“We also look forward to acquiring a 3D seismic survey that will identify optimal locations for new horizontal oil and gas wells across the Field and support an upgrade of the Company's CPR, prepared back in January 2018.'
Follow News & Updates from Block Energy here:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.