IN BRIEF: Block Energy acquires 10% share of Georgian oil, gas asset
Block Energy PLC - Georgia-focused oil and gas company - Announce the acquisition of a 10% participating interest in the XIQ Production Sharing Contract in Georgia. The deal has an option to increase to 22%. The site is "highly prospective," and contains mean unrisked recoverable prospective resources of 451.5 million barrels of oil and 823.3 billion cubic feet of gas. Company says its key target is the Martkopi Terrace prospect with 267.2 mmbbl mean unrisked recoverable prospective resources. The first-year work programme includes re-entry of the Martkopi-10 well and an environmental baseline study. Block Energy says farmout discussions are ongoing as third parties consider seismic and drilling works programmes. The asset has been purchased with existing cash resources. XIQ PSC is operated by Georgian Oil and Gas Ltd alongside the state-owned Georgian Oil and Gas Corp. Read More