Project III
Lower Eocene and deeper gas monetisation
Project III aims to tap the significant undeveloped gas resource located in the Lower Eocene, Palaeocene and Upper Cretaceous reservoirs within the XIB and XIF licences.
- 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
- 1,700 BCF 2C recoverable contingent resources based upon internal estimates present in the Telti and Rustavi fields
- Reservoirs hosting the gas-bearing natural fracture system are often more than one kilometre thick
- Gas will be sold to Georgia’s thriving domestic market, and exported to the EU and beyond through the South Caucasus Pipeline crossing the XIB and XIF licences
- Strategically significant gas resource potential
- Ongoing technical study work across five fields and three reservoirs
- Initial plan designed to re-test legacy gas discoveries with simple workovers
- MoU with the Ministry of Economy and Sustainability supporting the concept of long-term gas offtake
- The acquisition of Samgori South Dome added 574 BCF of 2U prospective resources, strengthening the project’s resource base.
- Block Energy is actively pursuing farm-out opportunities to accelerate development and share operational risk, while retaining significant value for shareholders.
| Field | Recoverable Contingent Resources (BCF) | ||||
|---|---|---|---|---|---|
| 1C (Low) | 2C (Mid) | 3C (High) | Mean | Source | |
| Patardzueli-Samgori | 926 | 1,072 | 1,222 | 1,073 | OPC IER, 2024 |
| Rustavi | 884 | 1,062 | 1,245 | 1,064 | Block Energy Internal Report, 2024 |
| Teleti | 493 | 638 | 802 | 644 | Block Energy Internal Report, 2024 |
| Total | 2,303 | 2,772 | 3,269 | 2,781 | – |
