Project IV
Exploration potential
Project IV focuses on exploring the potential of the IX, XIH, and XIQ licences, wehre significant prospectivity has been identified.
In 2025, a farmout agreement was entered into covering the XIQ licence, under which the farm-in partner will acquire up to 75% interest (with an option to 92.5%) in return for a work programme that includes 3D seismic and up to three high-impact wells.
This agreement accelerates Project IV’s exploration and development potential, leveraging partner expertise and sharing operational and financial risk.
| Prospect | Licence | 1U (Low) Estimate | 2U (Best) Estimate | 3U (High) Estimate | Mean Estimate | Probability of Geological Success (%) |
|---|---|---|---|---|---|---|
| Martkopi Terrace Middle Eocene | 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% | ||