West Rustavi /
Krtsanisi Oil
A platform for sustainable growth
Project I is focused on the development of the Middle Eocene reservoir of the West Rustavi/Krtsanisi field, defined by the intersection of licences XIF and XIB. Internal estimates state 2C (Gross) Contingent Resources of 19.5 MMbbl 2C oil, and a 3P NPV of US$57m.
Ongoing production offers insight into the subsurface across Block’s licences. Directional slim hole drilling successfully deployed at Rustavi/Krtsanisi promises to cut drilling costs by as much as 40%, and has potential applicability across Block’s wider portfolio.
Intersecting licences XIF and XIB, the Project’s field of operations is 25 km from Georgia’s capital city, Tbilisi, and close to the Baku-Tbilisi-Ceyhan (oil) and South Caucasus (gas) pipelines that afford access to international markets. Project I takes advantage of established oil and gas processing and sales infrastructure installed by Block.
Highlights
Block Energy is developing the Middle Eocene reservoir of the West Rustavi / Krtsanisi field, where cash flow from low-cost production secures the platform for transformative growth across our wider portfolio.
Situated close to oil and gas pipelines offering access to international markets, production also offers additional insights into the subsurface across Block’s licences. Subsurface work illuminating the field’s complex fractured reservoirs identified eight development zones.
3P
3.01MMbbls
US$57m
3P NPV
8
Development zones identified
7 Wells
Drilled since 2018
Geoscience-led production and development
Project I combines advanced geoscience with proven operational expertise to maximise recovery from Georgia’s complex fractured reservoirs.
Since commercial production began in 2019, Block Energy has continued to refine its understanding of the field, with seven wells and sidetracks drilled to date. The project contains 19.5 MMbbl of gross 2C contingent resources, providing significant potential for future growth.
Modern seismic interpretation and geological modelling are helping target the most productive fractured zones, supporting a phased development programme designed to enhance production while maximising capital efficiency.
In 2025, Block successfully demonstrated its proprietary slim-hole drilling technology, completing the KRT-39_ST pilot well safely, on time and within budget. Drilled at around 40% of the cost of previous conventional sidetracks, the technique has the potential to significantly reduce future development costs across Project I and other suitable assets within the portfolio.
| Our assets |
|---|
| Phase 1 (Krtsanisi Anticline) | 1P Gross Reserve (MMbbl) | 2P Gross Reserve (MMbbl) | 3P Gross Reserve (MMbbl) |
| 0.19 | 1.07 | 3.01 | |
| Full Field Development | 1C Gross Contingent Resource (MMbbl) | 2C Gross Contingent Resource (MMbbl) | 3C Gross Contingent Resource (MMbbl) |
| 12.5 | 19.5 | 27.5 |
Source: ERCE Independent Reserve Report, 2022; Block Energy Internal Contingent Resource Report, 2022
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Project III
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Project IV
Project IV targets significant exploration upside across multiple licences, supported by a strategic farm-out partnership and a fully funded programme designed to unlock substantial resource potential
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