Block Energy plc has acquired a 10% participating interest in the XIQ production sharing contract containing Martkopi Terrace prospect with 267.2 MMbbl prospective resources in Georgia.
STRATEGY
XIQ comprises six PSCs of XIC, XIK, XIM, XIN, XIQ and Didi Lilo, which were combined in 2024 to create the enlarged single PSC to attract a farm-in partner.
Operator Georgian Oil and Gas Ltd (GOGL) holds 68% and state company Georgian Oil and Gas Corporation (GOGC) owns 22% while Block has an option to increase its holding to 22%.
XIQ covers 1,260 km² and holds 451.5 MMbbl oil and 823.3 billion cubic feet gas mean unrisked recoverable prospective resources based on a June 2023 independent report.
Work during the first year will include re-entering the Martkopi-10 well and an environmental baseline study.
Block said it had funded its share of the initial programme using existing cash resources.
Chief executive officer Paul Haywood added: “The DeGolyer and MacNaughton resource report combined with the 22% participating interest held by Georgia’s national oil company underline the quality of this opportunity.
“We look forward to supporting our partners at GOGL as they progress discussions with potential farm-in partners.
“Meanwhile, our stable production base continues to underpin a strategy that balances high-impact appraisal and exploration objectives with financial discipline.
“This year is shaping up to be an exciting one for the company.”