Block Energy plc, the exploration and production company focused on Georgia, announces completion of the farm-out of part of licence XIB to Georgia Oil and Gas Limited ("GOG").
As announced on the 12th of December 2022, Block entered into binding documentation concerning a farm-out of part of licence XIB to GOG. The transaction has been completed, with Block now holding a 50% interest in the new Didi Lilo and South Samgori areas of XIB.
GOG has completed the seismic activities agreed under the terms of the farm-out agreement, specifically the acquisition and processing of 210 km 2D seismic, reprocessing of 1,000 km of existing seismic data and initial interpretation.
The Didi Lilo and South Samgori areas form part of GOG's broader portfolio, covering some 13,500 km2 which GOG estimate to hold total un-risked prospective resource volumes of 3.1 TCF of gas and 1,400 MMbbl of oil, which underpins its high-impact farm-out strategy.
Commenting, Paul Haywood, Block Energy CEO:
"We are pleased to have completed the previously announced farm-out of part of XIB to GOG and to see the seismic obligation fulfilled. We look forward to working on the seismic interpretation and progressing the project toward an industry farm-out."
Stephen James BSc, MBA, PhD (Block's Subsurface Manager) has reviewed the resource information contained in this announcement. Dr James is a geoscientist with over 40 years' of experience in field development and reservoir management.
