Block Energy (AIM:BLOE), the AIM-listed oil and gas company with assets in Georgia and interests offshore Gabon, said its 3D seismic acquisition over the Martkopi Terrace prospect within licence XIQ is roughly 70% complete.
The survey, part of the company's Project IV portfolio, began recording in August and is expected to finish by mid October.
Martkopi Terrace has been independently assessed by DeGolyer and MacNaughton in 2023 to hold 301.7 million barrels of oil equivalent (MMboe) of mean unrisked recoverable prospective resources.
Of the 4,729 source points acquired as of mid-September, 4,534 used Vibroseis and 195 used explosive sources, with explosive-source acquisition ongoing.
The programme has logged 68,676 cumulative man-hours with no lost-time incidents.
The survey forms the obligatory portion of an approximately $95 million staged seismic and drilling work programme that may be fully funded by Aspect Georgia, which farmed into licence XIQ in January and can earn up to a 75% working interest, with an option to increase that to 92.5% through further cash and royalty payments.
Block remains fully carried through seismic acquisition, exploration and appraisal drilling, and, subject to results, early production facilities, preserving its capital while retaining exposure to the outcome.
Chief executive Paul Haywood said the programme "has safety acquired over half of the planned source points, with field productivity accelerating", adding that the campaign "preserves Block's capital while providing shareholders with retained exposure to a potentially transformational outcome".
Processing and interpretation of the completed dataset will follow, aimed at refining the structural definition of Martkopi Terrace and guiding future drilling locations.
News Intelligence what this means for the company
Block Energy's partner Aspect Georgia is funding a ~$95 million seismic and drilling programme on the Martkopi Terrace prospect in Georgia, with 70% of the 3D survey now acquired and completion expected by mid-October. Block remains fully carried through seismic, exploration and appraisal drilling, preserving capital while retaining exposure to a prospect carrying 301.7 MMboe of mean unrisked recoverable prospective resources—a material upside if drilling validates the structure, but one entirely dependent on Aspect's funding and operational execution.
The advance is operationally positive (safety record intact, field productivity accelerating) and removes near-term capital burden from Block's balance sheet—material given the company reported only US$1.493m cash in FY2025. However, the outcome remains contingent on seismic interpretation and Aspect's drilling results; Block has no control over the work programme and will only benefit if the prospect proves commercial.
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