Project IV
Exploration potential
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.
- Farmout with Georgia Oil & Gas Limited (GOGL) to progress exploration opportunity in the Didi Lilo area
- 2023 acquisition of 2D seismic over the Martkopi Terrace prospect
- Significant exploration potential within IX
| Prospect | Licence | 1U (Low) Estimate | 2U (Best) Estimate | 3U (High) Estimate | Mean Estimate | Probability of Geological Success (%) |
|---|---|---|---|---|---|---|
| Martkopi Terrace Middle Eocene | Didi Lilo, XIM & XIQ | Gross Oil Resources (MMbbl) | 31.4% | |||
| 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) | ||||||
| 153.4 | 271.6 | 476.7 | 302.8 | |||
| Net Present Value, 10% (USD MM) | Probability of Economic Success (%) | |||||
| 99.5 | 223.4 | 501.8 | 272.7 | 28.4% | ||