AIM-listed Block Energy, the international oil and gas company with assets in Georgia and interests offshore Gabon, has announced the completion of 3D seismic acquisition over the Martkopi Terrace prospect within licence XIQ, part of the Company's Project IV portfolio in Georgia.
Highlights
- 3D seismic acquisition over Martkopi Terrace completed.
- Martkopi Terrace independently assessed at 301.7 MMboe of gross mean unrisked recoverable prospective resources (DeGolyer and MacNaughton, 2023).
- Survey forms part of Aspect’s staged, fully funded work programme, with estimated gross expenditure of approximately US$95 million (Block internal estimate).
- Block is fully carried through the relevant phases of the programme.
- Data now moves into processing and interpretation to refine prospect definition and support future exploration drilling location selection.
The Martkopi Terrace prospect represents a material exploration opportunity for the Company, having been independently assessed to contain 301.7 MMboe of gross mean unrisked recoverable prospective resources (DeGolyer and MacNaughton, 2023).
The 3D seismic programme follows the successful farm-out of licence XIQ earlier this year to Aspect Georgia, a subsidiary of US-based Aspect Energy. The survey forms part of the staged work programme, with estimated gross expenditure of approximately US$95 million (Block internal estimate), and Block fully carried through the relevant phases.
Under the terms of the farm-out agreement, Aspect Georgia may earn up to a 75% working interest in licence XIQ through completion of a staged, fully funded work programme including seismic, exploration and appraisal drilling, and early production facilities. Aspect Georgia also holds an option to increase its working interest to 92.5% in return for additional cash and royalty consideration.
Following completion of the acquisition phase, the data will now be processed and interpreted. The resulting 3D dataset is expected to improve subsurface imaging, refine the structural definition of Martkopi Terrace and support the selection of future exploration drilling locations.
Commenting, Paul Haywood, CEO of Block Energy, said:
'Completion of the Martkopi 3D seismic acquisition is another important milestone for Project IV and tangible evidence of our partner-funded strategy moving into execution.
Martkopi Terrace is a material exploration opportunity, independently assessed at 301.7 MMboe of gross mean unrisked recoverable prospective resources. The next phase is processing and interpretation of the new 3D dataset, which will materially improve our understanding of the prospect and support future drilling decisions.
Importantly, this work forms part of the staged programme being funded by Aspect, preserving Block’s capital while retaining exposure to a potentially significant outcome. This is the model we are increasingly seeking to replicate across the wider portfolio.'
Source: Block Energy
