Block Energy plc has acquired a further 574 billion cubic feet unrisked prospective resources by securing the operational rights in the Samgori South Dome field in southeast Georgia.
STRENGTHEN
The company’s rights cover the Upper Eocene, Lower Eocene and Upper Cretaceous, following confirmation from the State Agency of Oil and Gas of Georgia.
National oil company, Georgian Oil and Gas Corporation, retains the Middle Eocene.
Block said that the additional prospective resources added to the existing 2.7 trillion cubic feet of 2C contingent resources.
SSD lies on the southern border of the Patardzeuli and Samgori fields, which are being redeveloped as Project II, and to the east of the Teleti and Rustavi fields.
Project III focuses on the undeveloped gas-bearing natural fracture system within the Lower Eocene and Upper Cretaceous reservoirs, “each more than a kilometre thick” across blocks XIB and XIF.
Block will advance SSD alongside the appraisal plan for Project III which is undergoing a farm-out campaign.
The company noted that the field, originally part of the XIB production sharing contract, was carved out in 2014 by the Georgian government at Middle Eocene reservoir depth for a potential underground gas storage project.
“The acquisition of SSD marks a significant milestone, further strengthening our significant resource base, enhancing the growth potential for the company,” added chief executive Paul Haywood.
“With this expanded opportunity set, we are well-positioned to capitalise on future drilling success across Project III.”