AIM-listed Block Energy, the international oil and gas company with assets in Georgia and interests in offshore Gabon, has provided an operational update on the ongoing 3D seismic acquisition over the Martkopi Terrace prospect within licence XIQ, part of the Company's Project IV portfolio, within Georgia.
Highlights
- Recording commenced in August 2026 and is progressing well.
- Approximately 70% of the survey has now been acquired and it is expected to complete by mid October.
- Strong HSE performance, with 68,676 cumulative man-hours worked and no lost-time incidents reported.
- Martkopi Terrace has been independently assessed to contain 301.7 MMboe of mean unrisked recoverable prospective resources (DeGolyer and MacNaughton, 2023).
- The survey forms the obligatory part of the c.US$95 million staged seismic and drilling work programme, which may be further funded by Aspect Georgia, with Block fully carried through the relevant phases.
Programme Progress
Mobilisation is complete and recording is well established across the Martkopi survey area. Of the 4,729 source points acquired as at mid-September 2026, 4,534 were acquired using Vibroseis and 195 using explosive sources. Explosive-source acquisition is ongoing following the initial Vibroseis-led phase.
Following completion of the acquisition, the recorded data will be processed and interpreted. The resulting 3D dataset will improve subsurface imaging, refine the structural definition of Martkopi Terrace and support the selection of future exploration drilling locations.
Figure 1: Martkopi 3D seismic acquisition progress map as at 10 September 2026.
Project Context
The Martkopi Terrace is the principal focus of the XIQ work programme and was independently assessed by DeGolyer and MacNaughton in 2023 as containing mean unrisked recoverable prospective resources of 301.7 MMboe. The current 3D seismic survey represents a major field execution milestone following completion of the XIQ farm-out in January 2026.
Under the terms of the farm-out, (detailed in the Company’s notification of 19 January 2026) 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.
Block is fully carried through the relevant stages of the work programme, including seismic acquisition, exploration and appraisal drilling and, subject to successful results, early production facilities. The staged gross work programme expenditure is estimated at approximately US$95 million (Block Energy internal estimate) and would be fully funded by Aspect Georgia. This structure preserves Block's capital while retaining exposure to a potentially material exploration outcome.
CEO Comment
Paul Haywood, Chief Executive Officer of Block Energy, said:
'Martkopi Terrace is moving decisively from transaction to field execution. Within just a few months, the programme has safety acquired over half of the planned source points, with field productivity accelerating and recording currently expected to complete by mid October.
'Martkopi Terrace has been independently assessed as containing mean unrisked recoverable prospective resources of 301.7 MMboe. This modern 3D survey is designed to materially improve subsurface definition and identify the strongest potential drilling locations across one of the largest exploration opportunities in our portfolio.
'Crucially, the campaign forms part of an approximately US$95 million staged programme that would be fully funded by Aspect Georgia if Aspect enters into the drilling phase. This preserves Block's capital while providing shareholders with retained exposure to a potentially transformational outcome. We look forward to moving into processing and interpretation and updating shareholders as the programme advances.'
Source: Block Energy
