Block Energy plc said it had secured until 2043 the production sharing contract (PSC) licence for block XIF after completing the minimum work programme (MWP) across its oil and gas assets in Georgia.
REQUIREMENTS
The company received confirmation from Georgia’s State Agency of Oil and Gas (SAOG).
Block added it had now completed all MWP requirements across its entire licence portfolio.
The MWP for Block XIF comprised completion of an environmental impact assessment, extensive 3D-seismic data acquisition and processing, the drilling of a side-track from an existing well and one new well.
BLOCK XI
Block Energy has a 100% working interest in Georgian onshore licence blocks IX and XIB.
The company said that licence block XIB was Georgia’s most productive block, with 2P oil and gas reserves of 64 MMboe.
OBJECTIVES
“Safely completing the MWP commitment across the XIF licence represents yet another significant milestone for the business, providing assurance over title on a key asset until 2043,” said chief executive Paul Haywood.
“This further supports final investment decisions on future work programmes over the life of the PSC.
“More broadly, all MWP commitments across our portfolio have now been met, allowing the team to focus, define and execute programmes, which meet our corporate objectives.”