Block Energy plc has completed the farm-out of licence XIQ, containing the Martkopi Terrace prospect, following approval from the Georgia Government. STRATEGY The transaction with US-based Aspect Energy Group, will see Block fully carried through the staged work, which includes seismic, exploration and appraisal drilling, and early production facilities. Aspect’s subsidiary in Georgia will fund […]
Tag: Martkopi Terrace prospect
Block raises £1.5m
Block Energy plc has raised £1,499,974 via an institutional placing of, and direct subscriptions for, a total 214,282,000 new ordinary shares of 0.25 pence each, at an issue price of 0.7 pence per share. TVRs The company, with oil and gas assets in Georgia, said the fundraise had attracted strong demand from new and existing investors. The fundraise, which […]
Block agrees Martkopi Terrace licence farm-out
Block Energy plc and its partners have agreed a farm-out to an as yet unnamed “leading E&P company” for licence XIQ, containing the Martkopi Terrace prospect, held within its Georgia portfolio. CONFIDENCE The transaction remains subject to regulatory approval, expected between the final quarter of 2025 and the first quarter of 2026. XIQ is currently […]
Block acquires share in Martkopi Terrace
Block Energy plc has acquired a 10% participating interest in the XIQ production sharing contract containing Martkopi Terrace prospect with 267.2 MMbbl prospective resources in Georgia. STRATEGY XIQ comprises six PSCs of XIC, XIK, XIM, XIN, XIQ and Didi Lilo, which were combined in 2024 to create the enlarged single PSC to attract a farm-in […]
Block JV holds 300mmboe in Martkopi Terrace
Block Energy plc said it held 302.8million barrels of oil equivalent of mean unrisked prospective resources in the Martkopi Terrace prospect within its Georgia gas portfolio. FARM-OUT The figure from consultant DeGoyler MacNaughton’s report cover 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). […]