Block Energy CEO Interview
Our guest today with Bonnie Hughes was CEO of Block Energy Paul Haywood, During the interview, Mr. Haywood discusses the workover program which is intended to produce 900barrels per day. Which in essence delivers the companies biggest impact well.
West Rustavi also holds gas discoveries which lie on trend with the same play being targeted by Schlumberger in neighbouring fields. The Company plans to re-test the gas potential of the West Rustavi licence in 2019 by re-entering up to two wells that previously flowed gas. According to the well passport the Company received on acquiring its interest in the field, one of the discovery wells flowed at rates up to 29,000 m3/d when originally tested in 1988. West Rustavi is one of three licences Block holds in Georgia, the others being a 100% interest in the producing Norio field, which has gross proven (‘2P’) oil reserves of 1.631 million barrels (Source: CPR), and where a workover and sidetrack programme is underway targeting 250 bopd by H1 2019; and a 90% interest in the Satskhenisi field, which has estimated 28 MMbbls of gross 2C contingent resources. (Source: CPR)
Chief Executive Officer Paul Haywood said: “The first of an initial two-well sidetrack programme targeting an overall 650 bopd (325 bopd per well) at West Rustavi, 16a is a high impact well for Block and we are therefore delighted that drilling operations have commenced at the site on schedule. This is testament to the excellent work and meticulous planning carried out by the operations team on the ground in Georgia, including the successful flowback test at the Well in December which confirmed the targeted Middle Eocene reservoir still contains reserves and remains pressurised. With gross contingent resources of 38 MMbbls of oil, a total of six historic wells identified as suitable candidates for sidetracking, and a legacy gas discovery, the potential for West Rustavi to generate significant cash flow and value for Block is clear.
We are pleased to welcome Paul Haywood talking to our own Bonnie Hughes.