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Block Energy PLC on Monday said it started drilling at JSR-01DEEP in Georgia, about 26 miles to the east of the nation's capital Tbilisi.
Block Energy shares rose 15% to 1.75 pence each on Monday morning in London.
This marks the start of Project II, its three-project strategy, the London-based oil and gas company added.
‘This is the first of a series of wells in a wide range of Project II opportunities designed to evaluate large, undrained areas of the deeper zones of the Middle Eocene reservoir and test contingent resources of over 200 million barrels of oil, defined by Block's technical team,’ it said.
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