Realising Georgia's energy potential
Block Energy (AIM:BLOE) applies innovative technology to unlock the full energy potential of Georgia
Block Energy is an AIM-listed independent oil and gas production and development company pursuing a four project strategy to unlock the energy potential of Georgia.
We hold interests in seven Production Sharing Contracts in central Georgia covering a total area of 4,256 km2, including XIB, the country’s most prolific licence, which has produced more than 180 MMbbl of oil. Our assets have proven hydrocarbons within four reservoir sequences, and we apply modern technologies to develop and commercialise the significant oil and gas potential within our acreage.
A four project strategy to commercialise Georgia's strategic gas resource
We have grouped our operations into four projects, individual developments defined by development stage, hydrocarbon type and reservoir. We are pursuing our projects concurrently to increase existing production, redevelop existing fields, find new oil and gas deposits, and commercialise the significant undeveloped gas resource across our licences.
Project I is focused on developing oil production from the Middle Eocene reservoir of the West Rustavi/Krtsanisi field. In 2019 we acquired a 3D seismic survey over West Rustavi and in 2020 the Krtsanisi portion of the field from SPM. An initial five well programme targeting the first of eight development areas was audited by ERCE, which ascribed gross 3P reserves of 3.01 MMbbl with a net present value of $57m. Our internal contingent resources estimate for the entire field is 19.5 MMbbl 2C.
Project II aims to re-develop the Middle Eocene reservoir of the Patardzeuli and Samgori fields, to which our internal Contingent Resource report ascribes Gross 2C Contingent Resources of 235 MMbbl. Additional potential exists in Upper Eocene reservoirs within the area.
Project III is focused on the undeveloped gas-bearing natural fracture system within the Lower Eocene and Upper Cretaceous reservoirs – each more than a kilometre thick – spanning the XIB and XIF blocks. A 2024 Independent Engineering Report estimates the Lower Eocene and Upper Cretaceous reservoirs in the Patardzueli-Samgori field have over 1 TCF of 2C Contingent Resources with a NPV exceeding $500m.
Project IV is focused on exploring the full potential of our licences, including licence IX and Didi Lilo where we have identified significant prospectivity. In 2023 we entered into a farm-out agreement with Georgia Oil and Gas, and acquired 2D seismic over the Markopi Terrace prospect.
