Block Energy plc holds 302.8MMboe mean unrisked prospective resources in the Martkopi Terrace prospect within its wider Georgia gas exploration portfolio, based on an independent report.
PROJECT 1V
DeGoyler MacNaughton covered Block’s project IV, comprising Didi Lilo, licence XIF and exploration licence IX with private farm-out partner and operator Georgia Oil & Gas Ltd (GOGL).
Findings for the Didi Lilo licence include portions of licences XIM and XIQ and show a geological success of more than 30%.
The portions of the farm-out, comprising Didi Lilo and South Samgori, would have been subject to relinquishment obligations due in 2024 under the terms of the XIB production sharing contract.
The transaction included that GOGL acquire and process 210km new 2D seismic and reprocess 1,000km of existing regional seismic data.
Block said it continued to progress well on farm-out discussions with regional oil companies.
Additional prospectivity was identified in GOGL’s neighbouring acreage, licences XIK, XIM, XIN and XIQ, of which the state company, Georgia Oil and Gas Corporation, acquired a 22% paying interest in 2021.
“We’re pleased to report that DeGoyler MacNaughton have identified substantial prospectivity of over 300MMboe gross mean unrisked prospective resources and project value in excess of US$270MM within the Martkopi Terrace prospect,” said chief executive Paul Haywood.
“This independent subsurface validation, plus the significant commercial work, bolsters our confidence in the potential of project IV and we look forward to updating shareholders on progress made to crystalise this significant opportunity in due course.”
PROJECTS
Project I concentrated on the West Rustavi/Krtsanisi development which sits across licence areas XIF and XIᴮ, with internal reports of 27.5 MMbbl 3C contingent resources. The site’s third well spud in July 20233.
Project II, focusing on large, undrained areas of the deeper zones of the Middle Eocene reservoir within the Patardzeuli field in licence XIᴮ, aimed to evaluate and test 200 MMbbl 2C contingent resources.
Project III appraised and monetised contingent gas within the XIᴮ and XIF licences, within the Lower Eocene, Paleocene and Upper Cretaceous geological formations, with internal estimates attributing 984bcf contingent resources.