Block Energy PLC - Georgia-focused oil and gas company - Announce the acquisition of a 10% participating interest in the XIQ Production Sharing Contract in Georgia. The deal has an option to increase to 22%. The site is ‘highly prospective,’ and contains mean unrisked recoverable prospective resources of 451.5 million barrels of oil and 823.3 billion cubic feet of gas. Company says its key target is the Martkopi Terrace prospect with 267.2 mmbbl mean unrisked recoverable prospective resources. The first-year work programme includes re-entry of the Martkopi-10 well and an environmental baseline study. Block Energy says farmout discussions are ongoing as third parties consider seismic and drilling works programmes. The asset has been purchased with existing cash resources. XIQ PSC is operated by Georgian Oil and Gas Ltd alongside the state-owned Georgian Oil and Gas Corp.

Chief Executive Officer Paul Haywood comments: ‘We are delighted to acquire an interest in the highly prospective XIQ licence, further strengthening our portfolio of strategic, high-impact assets. The DeGolyer and MacNaughton resource report combined with the 22% participating interest held by Georgia’s national oil company underline the quality of this opportunity. We look forward to supporting our partners at GOGL as they progress discussions with potential farm-in partners.

‘Meanwhile, our stable production base continues to underpin a strategy that balances high-impact appraisal and exploration objectives with financial discipline. This year is shaping up to be an exciting one for the company, and we look forward to providing further updates soon.’

Current share price: 0.99 pence, up 6.7% on Friday afternoon in London

12-month change: up 0.7%

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