Exploration
Unlocking frontier resource potential
Project IV comprises Block’s XIQ and IX licences in Georgia. The Company holds a 9.5% participating interest in XIQ and a 100% participating interest in IX, providing exposure to both a fully funded exploration programme and a wholly owned licence with significant future potential.
The XIQ licence includes the highly prospective Martkopi Terrace prospect, independently assessed with gross unrisked mean prospective resources of 267.2 MMbbl of oil and 213.4 BCF of gas. In 2025, the licence partners, including Georgia Oil and Gas Limited and Georgia Oil and Gas Corporation, entered into a farmout agreement with Aspect Energy, a US independent with a strong track record in Eastern Europe.
Under the agreement, Aspect is funding a staged exploration programme, with a value of up to US95m, including 3D seismic acquisition, exploration and appraisal drilling. 3D acquisition commenced in August 2026.
Alongside progress at XIQ, the Company continues subsurface evaluation of exploration prospectivity across its wholly owned IX licence, creating additional opportunities for future value creation.
Highlights
The flagship Martkopi Terrace prospect has Mean Unrisked Prospective Gross Oil & Gas Resources and is supported by 110 km² of 3D seismic data, providing a strong technical foundation for future exploration.
301.7 MMboe
Martkopi Terrace gross mean unrisked recoverable prospective resources
US$95m
Fully funded exploration programme
110 km²
3D Seismic Coverage
9.5%
Current Interest
| Martkopi Terrace Middle Eocene (XIQ) |
|---|
| 1U (Low) Estimate | 2U (Best) Estimate | 3U (High) Estimate | Mean Estimate |
| Gross Oil Resources (MMbbl) | |||
| 135.8 | 239.4 | 420.4 | 267.2 |
| Gross Associated Gas Resources (BCF) | |||
| 105.6 | 193.3 | 337.9 | 213.4 |
| Gross Oil & Gas Resources (MMboe) | |||
| 99.5 | 223.4 | 501.8 | 272.7 |
Source: Degolyer MacNaughton 2023
Other projects
Gabon
Representing a strategic growth opportunity, our offshore Gabon licences offer exposure to discovered resources and significant exploration upside in a mature hydrocarbon province
Project I
Project I combines established production, development potential, and innovative drilling techniques to generate cash flow, support future growth, and maximise value across the wider portfolio
Project II
Project II is focused on realising the substantial potential of the Patardzeuli-Samgori field, leveraging a large contingent resource base, proven production history, and attractive development opportunities
Project III
Project III is focused on developing a significant gas resource with multi-trillion cubic feet potential, supported by strategic partnerships and long-term value creation opportunities
Carbon Capture and Storage
Our CCS initiative has the potential to establish a major CO₂ storage hub in Georgia, supporting industrial decarbonisation and contributing to long-term net-zero objectives