By Christian Moess Laursen
Block Energy said Wednesday that oil production rose sequentially in the second quarter of 2023, and that it has promoted Operations Manager Guram Maisuradze to chief operating officer.
The Georgia-focused oil-and-gas company's average production rose to 664 barrels of oil per day in the second quarter from 400 boepd in the first quarter, following back-to-back successful drilling.
Oil sales also rose sequentially to 36,000 barrels of oil from 13,300 barrels for $2.6 million versus $1.0 million in the previous quarter, while gas sales rose to $266,000 from $194,000.
As a result, the company plans to drill two further side-tracks and a new well, targeting production rates two-to-three times those achieved in previous horizontal wells.
Block Energy also said it has secured a $2.0 million loan facility to maintain the drilling program and avoid cash flow issues.
Additionally, the company said it has promoted Guram Maisuradze to chief operating officer, where he will focus on the company's medium- and long-term projects. Maisuradze previously held the role of operations manager and has been responsible for planning and drilling execution.
Write to Christian Moess Laursen at christian.moess@wsj.com
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July 05, 2023 at 01:57PM
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Block Energy Oil Production Rose on Quarter; Promotes Guram Maisuradze to COO - MarketWatch
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