AIM listed Block Energy, the international oil and gas company with assets in Georgia and interests in offshore Gabon, has announced the 3D seismic programme, covering the highly prospective Martkopi Terrace prospect within the XIQ PSC area (Project IV), is scheduled to commence in July. The programme will be funded by Aspect Energy via the previously announced farmout agreement (see notification of 19 January 2026).
Highlights
- Aspect Energy to commence acquisition of a 3D seismic survey across the Martkopi Terrace prospect within the XIQ PSC area in July 2026.
- The programme designed to further evaluate the Martkopi Terrace prospect and finalise the drill location. The prospect has been independently assessed by DeGolyer and MacNaughton ("D&M") as containing mean unrisked recoverable prospective resources of 301.7 MMboe.
- Seismic acquisition is expected to run for approximately three months, following which the data will be processed and interpreted to support the Joint Venture's exploration drilling plans.
- The programme forms part of Aspect's farm-in obligations under the XIQ Farmout Agreement, which the Company announced on 4th September 2025 (with an update on 19 January 2026), and represents the first major step in a fully funded, multistage exploration programme, with an estimated value of US95m gross.
Project IV - XIQ and Martkopi Terrace
The XIQ PSC encompasses a large exploration position in eastern Georgia and contains multiple exploration opportunities across several play types.
The principal focus of current exploration activity is the Martkopi Terrace prospect. Independent CPR work undertaken by D&M identified mean unrisked recoverable prospective resources of 301.7 MMboe at Martkopi Terrace, making it one of the largest undrilled onshore exploration opportunities within Block's portfolio.
The forthcoming 3D seismic survey is expected to significantly improve subsurface imaging across the structure and provide critical information regarding prospect definition, reservoir distribution and optimal drilling locations.
Paul Haywood, Chief Executive Officer, commented:
'The commencement of the 3D seismic acquisition programme across the Martkopi Terrace prospect marks another important operational milestone for the XIQ licence and for Block Energy. The survey is expected to significantly improve prospect definition and optimise drilling locations ahead of the Joint Venture's planned exploration campaign.
Importantly, the programme is being fully funded by Aspect under the farm-in agreement, providing Block shareholders with exposure to a potentially transformational exploration programme while preserving capital for our other strategic priorities.
This is another demonstration of Block successfully attracting high-quality partners to fund and accelerate material projects while limiting shareholder dilution and capital risk. We believe this disciplined, partner-funded approach provides the blueprint for unlocking value across our wider portfolio, including Project III and our recently acquired Gabon assets.
We look forward to updating shareholders as the programme progresses and further technical results become available.'
Source: Block Energy
