Business
Increased production rates at Norio field, Georgia
Increased production rates at Norio field, Georgia.
About this update from Block Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0994S Block Energy PLC 07 March 2019 \n\nBlock Energy Plc | Index: AIM \"ay\">· Significant increase in production rate at Norio wells 44 and 27, moving the combined current production rate at the Norio and Satskhenisi fields towards 60 bopd, a four-fold increase\n· Preparatory work underway at Norio well 39 targeting a production rate of 10 bopd\n· Current results, support the Company's intention to begin workover operations at the currently producing Norio well 31\nBlock Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to report an increase in production rate at its 100%-held Norio field, where the Company is implementing a multi-well workover programme.\nThe oil production rate at Norio 44 has increased signficantly over the past five days, rising daily to reach 21 bopd on the most recent day for which figures were available (Wednesday 6 March 2019). The Company's initial forecast for the well was 15 bopd.\nThe well was re-entered and logged in October 2018, and three intervals penetrated with a specialist micro-drilling tool ('the Micro-Drilling Tool' or 'the Tool') chosen by Block to meet the specific challenges presented by the oil bearing formations within the Company's assets. When the first of the three intervals was penetrated 45 barrels of sweet crude oil were recovered during a five hour period, indicating both the Micro-Drilling Tool's effectiveness and the well's potential (RNS: 14 January 2019: https://bit.ly/2H9msFB).\nThe Tool has also been applied to Norio 27 where, following extensive work to clean and correct the borehole, 20 horizontal holes of approximately six feet were successfully drilled in a single run. The well has tested at 26 bopd, a rate exceeding the Company's initial forecast of 17 bopd.\nNorio 39, where the Company is targeting a production rate of approximately 10 bopd, has also been perforated. A further update will follow after the well has been put on production.\nThe work at wells 44 and 27 moves the combined current production rate at Norio and Satskhenisi towards 60 bopd, a four-fold increase taking the Company to 60% of its breakeven target of 100 bopd (assuming a crude oil price of USD 60/bbl Brent). The Company now looks forward to commencing workover operat...