14th Oct 2026 07:02
Block Energy PLC - Block Energy PLC - Georgia- and Gabon-focused oil and gas company - Completes 3D seismic acquisition over the Martkpoi Terrace prospect within licence XIQ in Georgia. Says gross mean unrisked recoverable prospective resources are estimated at 301.7 million barrels of oil equivalent. Work forms part of Aspect Georgia LLC's fully funded work programme, worth about USD95 million. Aspect Georgia is a subsidiary of US-based Aspect Energy Ltd. Block says XIQ is now fully carried through the relevant phases of the programme, with data moving into processing and interpretation to refine the prospect definition and support future drilling location selection. Aspect Georgia previously carried out a farm-out and may earn up to a 75% working interest in XIQ. It also holds an option to increase its working interest to 92.5%. Block Energy Chief Executive Paul Haywood calls the seismic acquisition an "important milestone".
Current share price: 0.76 pence, fell 11% on Tuesday in London.
12-month change: down 14%.
By Niall Holden, Alliance News reporter
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