Block Energy has completed 3D seismic acquisition over the Martkopi Terrace prospect in Georgia, advancing exploration work under Project IV.
The survey covers part of licence XIQ, where Martkopi Terrace has been independently assessed at 301.7 MMboe of gross mean unrisked recoverable prospective resources. The estimate is prospective and does not represent discovered or recoverable reserves.
The acquisition forms part of a staged, fully funded programme with Aspect Georgia, a subsidiary of Aspect Energy. Block estimates gross expenditure for the programme at approximately US$95 million and is fully carried through the relevant phases.
Aspect Georgia may earn up to a 75% working interest in the licence by completing the programme, which includes seismic, exploration and appraisal drilling, and early production facilities. It also has an option to increase its interest to 92.5% in return for additional cash and royalty consideration.
The seismic data will now be processed and interpreted to improve subsurface imaging, refine the prospect’s structural definition and help identify potential drilling locations.
Block Energy chief executive Paul Haywood said the completed survey marked an important step in Project IV and would support future drilling decisions while allowing the company to retain exposure to the prospect through partner funding.
