News Oil & Gas

Block looks for partner following part XIB farm-out

Posted on Author editorial Comments Off on Block looks for partner following part XIB farm-out

Block Energy plc has completed the farm-out to Georgia Oil and Gas Ltd (GOG) of part of licence XIB in Georgia.

Deal: the company now holds a 50% interest in the Didi Lilo and South Samgori areas of XIB (Block Energy)

SEISMIC DATA

The transaction, announced in December 2022, results in the company now holding a 50% interest in the new Didi Lilo and South Samgori areas of XIB.

Block said that GOG had completed the seismic activities agreed under the terms of the farm-out, specifically the acquisition and processing of 210km 2D seismic, reprocessing of 1,000km of existing seismic data and initial interpretation.

The Didi Lilo and South Samgori areas form part of GOG’s broader portfolio, covering some 13,500km2 which GOG estimates to hold total un-risked prospective resource volumes of 3.1tcf of gas and 1,400 MMbbl of oil.

“We look forward to working on the seismic interpretation and progressing the project toward an industry farm-out,” added Block chief executive Paul Haywood.

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