Strategy
Focused on growth in Georgia and Gabon
Our portfolio spans production, gas monetisation, exploration and CCS in Georgia, and a newly acquired entry point into offshore oil development and exploration in Gabon.
We are pursuing four concurrent projects in Georgia designed to monetise low-cost, low-risk developments within our assets to reinvest in delivering the large undeveloped gas resource that spans our licence area. Georgia has strong domestic demand for gas and is ideally placed for export to the EU and beyond through the South Caucasus Pipeline. It is ideally placed to support a major net-zero CO2 industrial hub, with access to domestic and EU markets.
We also have a new low risk high impact offshore growth position in Gabon: a 76.5% indirect economic interest in the Ndjila and Mpari PSCs, large contiguous licences offshore Gabon with discovered oil.
- Four oil and gas projects and one CCS Project
- 76.5% indirect economic interest in the Ndjila and Mpari PSCs offshore Gabon
- Applying commercial and technical expertise
- Combining low-risk development with high-impact appraisal and exploration
- Focused on increasing both production and asset value for the benefit of shareholders
Project I is focused on developing oil production from the Middle Eocene reservoir of the West Rustavi/Krtsanisi field. In 2019 we acquired a 3D seismic survey over West Rustavi, and in 2020 the Krtsanisi portion of the field from SPM. An initial five well programme targeting the first of eight development areas audited by ERCE ascribes gross 3P reserves of 3.01 MMbbl with a net present value of $57m. Our internal contingent resources estimate for the entire field is 19.5 MMbbl 2C.
Project II aims to redevelop the Middle Eocene reservoir of the Patardzeuli and Samgori fields, to which our internal Contingent Resource report ascribes Gross 2C Contingent Resources of 235 MMbbl. Additional potential exists in Upper Eocene reservoirs within the area.
Project III is focused on the undeveloped gas-bearing natural fracture system within the Lower Eocene and Upper Cretaceous reservoirs – each more than a kilometre thick – spanning the XIB and XIF blocks. 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.
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.
A new low risk high impact offshore growth position offshore Gabon focused on two large contiguous licences with discovered oil:
- 76.5% indirect economic interest in the Ndjila and Mpari PSCs operated by Pilgrim Exploration with technical support from Block Energy
- Covering a combined area of 5,331 km2
- Four discoveries on the licences, including the Iguega field which tested at 3,300 bopd
- Data rich assets with substantial 3D seismic coverage
- Significant exploration upside in both the pre- and post-salt
- Proven offshore oil province with established export routes and supportive fiscal terms
