Block Energy PLC said on Monday that Project I continues to perform better than predicted.
Block Energy is a London-based oil and gas exploration and production company focused on Georgia. Project I is the development of the Middle Eocene oil reservoir in the West Rustavi-Krtsanisi field, which is divided into eight development areas.
The company said its Project I WR-B01Za development oil well has been producing at a rate of 269 barrels of oil equivalent per day over a period of 12 days, adding that the well has continued to flow naturally through choke settings ranging from 7.1 millimetres to 11.1 millimetres.
Block Energy also reported that the results of WR-B01Za provide ‘back-to-back drilling success’, with its trajectory following a seismic lineation parallel to the west of the lineation penetrated by the JKT-0 1 Z well.
The company said its side track programme is now over 250,000 barrels of oil.
Chief Executive Officer Paul Haywood said: ‘The results of the operation are very encouraging for future development, and the production added by WR-B01Za is material to the company.’
Shares were up 21% at 1.12 pence in London on Monday morning.
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