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Block Energy brings two wells back online at Rustavi

“Production from the Wells remains stable and consistent with the production rates achieved before they were shut-in in April 2020," said chief executive Paul Haywood.

Block Energy PLC - Block Energy brings two wells online, to Rustavi EPS

Block Energy PLC (LON:BLOE) told investors that the WR-38Z and WR-16aZ wells at the West Rustavi field have been brought back online safely, with oil and gas now flowing into the field’s Early Production Facility (EPF).

"I am pleased to announce recommencement of production from our West Rustavi field, with the expected revenue from both our oil and gas production providing a welcome boost to Block's cashflow position, further strengthened by the current higher oil price,” said Paul Haywood, Block chief executive.

“Production from the Wells remains stable and consistent with the production rates achieved before they were shut-in in April 2020.

READ: Block Energy closes £5mln share placing

“We continue to make regular sales of our crude oil inventory to local buyers and I look forward to providing a further update about the commencement of gas sales to the market shortly."

The EPF separates gas from the crude oil before feeding it into the gas sales pipeline, which is owned by Bago LLC.

Bago confirm it has carried out the final testing of its facilities using gas provided by Block and is now completing the final steps required to tie back into the main gas pipeline, which is owned by the Georgia Oil and Gas Corporation.

Gas sales will start within a day of the tie back being completed and Block will provide an update to the market once sales have begun.

Quick facts: Block Energy PLC

Price: 2.95 GBX

Market: AIM
Market Cap: £18.16 m


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