Block Energy (AIM:BLOE), the AIM-quoted oil and gas company with assets in Georgia and offshore Gabon, has confirmed that a 3D seismic programme over its Martkopi Terrace prospect in eastern Georgia is scheduled to begin next month.
The survey covers the Martkopi Terrace within the XIQ production-sharing contract area and is being funded entirely by farm-in partner Aspect Energy under the XIQ Farmout Agreement first announced in September 2025.
DeGolyer and MacNaughton, the independent reservoir consultants, have assessed mean unrisked recoverable prospective resources at Martkopi Terrace at 301.7 million barrels of oil equivalent, making it one of the larger undrilled onshore exploration targets in Block's portfolio.
Seismic acquisition is expected to run for approximately three months, after which the data will be processed and interpreted to define the optimal drill location for the joint venture's planned exploration campaign.
The survey is the first material step in what the company describes as a fully funded, multi-stage exploration programme with an estimated gross value of $95 million, with Aspect carrying the costs under its farm-in obligations.
"The survey is expected to significantly improve prospect definition and optimise drilling locations ahead of the Joint Venture's planned exploration campaign," said Chief Executive Paul Haywood.
Data processing and interpretation will follow completion of acquisition, pointing to a drilling-location decision in the first half of 2027 at the earliest.
