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Block Energy PLC on Monday said it has secured the operational rights to the Upper Eocene, Lower Eocene, and Upper Cretaceous formations in Georgia’s Samgori South Dome field, expanding its project III gas resources. The resource exploration and production company focused on Georgia said the acquisition increases its unrisked prospective resources for project III by 574 billion cubic feet, adding to the existing 2.7 trillion cubic feet of 2C contingent resources. SSD was previously part of Block’s XIB production sharing contract but was carved out in 2014 for potential use as an underground gas storage project by the Georgian government. The Middle Eocene reservoir remains under the control of Georgia’s national oil company, Georgian Oil & Gas Corp. Block noted that SSD is structurally connected to the Patardzueli-Samgori and Teleti fields, and seismic data suggests significant untapped gas potential in the Lower Eocene and Upper Cretaceous reservoirs. No exploration wells have been drilled at these depths. Chief Executive Officer Paul Haywood said: ‘The acquisition of SSD marks a significant milestone, further strengthening our significant resource base, enhancing the growth potential for the company. With this expanded opportunity set, we are well-positioned to capitalise on future drilling success across project III. We look forward to sharing further updates in due course.’ The company said integrating SSD into its XIB licence will provide additional ‘running room’ to build on successful appraisal drilling and potentially exploit a continuous gas-bearing structure stretching 40 kilometres across three fields. Shares in Block Energy were up 2.1% at 0.87 pence in London on Monday afternoon. Copyright 2025 Alliance News Ltd. All Rights reserved.
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