Block Energy Plc (LSE:BLOE) has reported that approximately 70% of its partner-funded 3D seismic acquisition programme at the Martkopi Terrace prospect in Georgia has been completed, with the survey targeting an independently assessed mean unrisked recoverable resource of 301.7 million barrels of oil equivalent.
The survey, located within the XIQ licence and forming part of Block Energy’s Project IV portfolio, began recording in August 2026.
The company said the programme has accumulated nearly 69,000 working hours without a lost-time incident.
The seismic acquisition follows the farm-out of the XIQ licence to Aspect Georgia, which may invest approximately US$95 million through a staged programme covering seismic acquisition and drilling.
Under the farm-out arrangements, Aspect Georgia is expected to fully fund Block Energy’s participation through seismic acquisition, exploration, appraisal and potential early production activities.
The funding structure allows Block to retain an interest in the prospect while its partner finances the agreed work programme.
The 3D seismic data is expected to provide more detailed subsurface imaging of the Martkopi Terrace prospect and inform future exploration drilling decisions.
The prospect’s independently assessed mean unrisked recoverable resources of 301.7 million barrels of oil equivalent represent an estimate of potentially recoverable hydrocarbons rather than confirmed reserves. Exploration and appraisal work will be required to establish the presence and commercial viability of any hydrocarbons.
Block Energy operates a portfolio of oil and gas production, development, appraisal and exploration assets in Georgia, alongside offshore interests in Gabon.
In Georgia, the company holds interests in seven Production Sharing Contracts covering approximately 4,256 square kilometres. Its portfolio includes producing assets and licences containing contingent and prospective gas resources.
The company’s strategy involves advancing projects at different stages of development through a combination of operating cash flow, partner funding and carried work programmes.
Its entry into Gabon has also provided exposure to historical oil discoveries and additional exploration opportunities.
At Martkopi Terrace, the immediate priority remains completing the 3D seismic acquisition programme. The resulting dataset will support further technical evaluation and help determine subsequent drilling activities under the Aspect Georgia farm-out agreement.
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