Block Energy plc completed a 50% farm-out of non-core areas of Georgian license XIB to Georgia Oil and Gas Ltd. (GOG).
GOG completed seismic activities agreed under the terms of the farm-out agreement including acquisition and processing of 210 km 2D seismic, reprocessing of 1,000 km of existing seismic data, and initial interpretation.
Block's XIB license covers a total area of 614 sq km and includes Patardzeuli, Samgori, Teleti, and Rustavi fields which have produced more than 180 million bbl of oil. None of the existing fields, current production, and future development plans associated with Projects I, II, and III within the XIB license are subject to the farm-out.
Didi Lilo and South Samgori areas form part of GOG's broader portfolio, covering some 13,500 sq km which GOG estimate to hold total un-risked prospective resource volumes of 3.1 tcf of gas and 1,400 million bbl of oil.
Block now holds 50% interest in the new Didi Lilo and South Samgori areas of XIB.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
