(WO) – Block Energy has completed a 3D seismic acquisition over the Martkopi Terrace prospect on license XIQ in the country of Georgia. The prospect is part of the company’s Project IV portfolio. In 2023, DeGolyer and MacNaughton assessed Martkopi Terrace at 301.7 MMboe of gross mean unrisked recoverable prospective resources. “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,” said Block CEO Paul Haywood.
The survey follows Block’s farm-out of license XIQ earlier this year to Aspect Georgia, a subsidiary of U.S.-based Aspect Energy. Under the agreement, Aspect Georgia can earn up to a 75% working interest in the license by completing a staged, fully funded work program. The program covers seismic, exploration and appraisal drilling, and early production facilities. Block estimates gross spending on the program at about $95 million, and Block is fully carried through the relevant phases. Aspect Georgia also holds an option to raise its working interest to 92.5% in exchange for additional cash and royalty consideration.
With acquisition complete, the data will now be processed and interpreted. Block expects the new 3D dataset to improve subsurface imaging, refine the structural definition of Martkopi Terrace and help select future exploration drilling locations. “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,” Haywood said.
Haywood said the Aspect-funded structure preserves Block’s capital “while retaining exposure to a potentially significant outcome.” He added, “This is the model we are increasingly seeking to replicate across the wider portfolio.”
Block Energy is listed on London’s AIM market and holds oil and gas assets in Georgia and interests offshore Gabon.
About The Author
