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Block Energy PLC on Tuesday said it has received confirmation from Georgia's State Agency of Oil & Gas that it has completed the minimum work programme in the production sharing contract for Block XI.
The London-based oil & gas company focused in Georgia noted that the minimum work programme comprised of an environmental impact assessment, 3D-seismic data acquisition and processing, the drilling of a side-track from an existing well and one new well.
Block Energy added that it has now secured the licensing rights of Block XI until 2043.
The company said that Block XI is Georgia's ‘most productive block’, with 2P oil and gas reserves of 64 million of barrels of oil equivalent.
Block Energy said that this marks a ‘major milestone’ as it has now completed all minimum work programme requirements across its entire license portfolio.
Chief Executive Paul Haywood said: ‘Safely completing the minimum work programme commitment across the XIF licence represents yet another significant milestone for the business, providing assurance over title on a key asset until 2043. This further supports final investment decisions on future work programmes over the life of the production sharing contract.
‘More broadly, all minimum work programme commitments across our portfolio have now been met, allowing the team to focus, define and execute programmes, which meet our corporate objectives,’ Haywood added.
Shares in Block Energy were down 1.9% to 1.32 pence each in London on Tuesday morning.
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