Project I
West Rustavi/Krtsanisi oil development
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.
- The field intersects licences XIF and XIB and is located 25 km from Tbilisi
- Proximate to the key Baku-Tbilisi-Ceyhan (oil) & South Caucasus (gas) international pipelines
- Significant subsurface work undertaken in 2022 to interpret the Project’s complex type 1 fractured reservoirs
- Eight development zones identified with Phase I targeting a five well programme on the Krtsanisi Anticline zone associated with an independent reserve report
- Building on work completed for independent reserve report with a geoscience-led understanding of complex reservoirs
- Low-cost drilling and rapid development cycle targeting strong near-term cash generation
- Existing oil and gas processing and sales infrastructure installed by Block
- Development plan sees good cash generation on the basis of the recovery of 10 MMbbl over 13 years
- In September 2025, the Company successfully deployed directional "slim hole" drilling technology, aimed at reducing costs by as much as 40% and much improving returns. The technology has potential application across Projects I and II.
| 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 |
Geoscience led approach
Block Energy has undertaken significant subsurface work to illuminate the field’s complex fractured reservoirs.
- Significant subsurface work undertaken in 2022 to support understanding of the complex fractured reservoirs associated with Project I development
- Integration and full reinterpretation of XIF and XIB 3D seismic surveys complete
- 3D seismic attributes combined with ant-tracking technology has been used to image seismic lineations that relate to fracture zones in the West Rustavi/Krtsanisi field
- Analysis of well performance, drilling data (gas peaks and mud losses), production data and static mapping integrated with geophysical work to define areas of high fracture presence
- Application of data and image driven technologies to identify fracture zones and unlock contingent resources through targeted new drilling
- Good correlation between seismic lineations and well results
- Phase I wells encountered targeted fractures and are in production
- Future wells will target similar highly fractured areas
