Operations Update
Summary by AI BETAClose X
25 June 2026
Block Energy plc
("Block" or "the Company")
Project IV - Commencement of 3D Seismic Programme
Block Energy plc (AIM: BLOE), the international oil and gas company with assets in Georgia and interests in offshore Gabon, is pleased to announce the 3D seismic programme, covering the highly prospective Martkopi Terrace prospect within the XIQ PSC area (Project IV), is scheduled to commence in July. The programme will be funded by Aspect Energy via the previously announced farmout agreement (see notification of 19 January 2026).
Highlights
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Aspect Energy to commence acquisition of a 3D seismic survey across the Martkopi Terrace prospect within the XIQ PSC area in July 2026.
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The programme designed to further evaluate the Martkopi Terrace prospect and finalise the drill location. The prospect has been independently assessed by DeGolyer and MacNaughton ("D&M") as containing mean unrisked recoverable prospective resources of 301.7 MMboe.
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Seismic acquisition is expected to run for approximately three months, following which the data will be processed and interpreted to support the Joint Venture's exploration drilling plans.
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The programme forms part of Aspect's farm-in obligations under the XIQ Farmout Agreement, which the Company announced on 4th September 2025 (with an update on 19 January 2026), and represents the first major step in a fully funded, multistage exploration programme, with an estimated value of US95m gross. |
Project IV - XIQ and Martkopi Terrace
The XIQ PSC encompasses a large exploration position in eastern Georgia and contains multiple exploration opportunities across several play types.
The principal focus of current exploration activity is the Martkopi Terrace prospect. Independent CPR work undertaken by D&M identified mean unrisked recoverable prospective resources of 301.7 MMboe at Martkopi Terrace, making it one of the largest undrilled onshore exploration opportunities within Block's portfolio.
The forthcoming 3D seismic survey is expected to significantly improve subsurface imaging across the structure and provide critical information regarding prospect definition, reservoir distribution and optimal drilling locations.
Paul Haywood, Chief Executive Officer, commented:
"The commencement of the 3D seismic acquisition programme across the Martkopi Terrace prospect marks another important operational milestone for the XIQ licence and for Block Energy. The survey is expected to significantly improve prospect definition and optimise drilling locations ahead of the Joint Venture's planned exploration campaign.
Importantly, the programme is being fully funded by Aspect under the farm-in agreement, providing Block shareholders with exposure to a potentially transformational exploration programme while preserving capital for our other strategic priorities.
This is another demonstration of Block successfully attracting high-quality partners to fund and accelerate material projects while limiting shareholder dilution and capital risk. We believe this disciplined, partner-funded approach provides the blueprint for unlocking value across our wider portfolio, including Project III and our recently acquired Gabon assets.
We look forward to updating shareholders as the programme progresses and further technical results become available."
**ENDS**
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For further information please visit http://www.blockenergy.co.uk/ or contact:
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Paul Haywood (Chief Executive Officer) |
Block Energy plc |
Tel: +44 (0)20 3468 9891 |
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Neil Baldwin (Nominated Adviser) |
Spark Advisory Partners Limited |
Tel: +44 (0)20 3368 3554 |
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Peter Krens (Corporate Broker) |
Tennyson Securities |
Tel: +44 (0)20 7186 9030 |
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Philip Dennis Kathleen Beams (Financial PR Adviser) |
Celicourt Communications |
Tel: +44 (0)20 7770 6424 |
Notes to Editors
Block Energy plc is an AIM-quoted independent international oil and gas company with production, development, appraisal and exploration assets in Georgia and a post year-end offshore Gabon growth platform.
In Georgia, the Company holds interests in seven Production Sharing Contracts covering an area of 4,256 km² in the central part of the country. These include the XIB and XIF licences, which host Project III's 2.77 TCF of 2C gross contingent gas resources in the Patardzueli-Samgori, Rustavi and Teleti fields, together with 574 BCF of 2U gross prospective resources at South Dome. Project III has an estimated NPV10 of approximately US$2.2 billion (Source: IER, OPC 2024 and internal estimates).
In April 2026, the Company announced a strategic entry into offshore Gabon through a secured convertible loan to Pilgrim Exploration Limited, providing Block with a 76.5% indirect economic interest in the Ndjila (CD2) and Mpari (CD3) PSCs. The two licences cover 5,331 km² and contain four historical oil discoveries - Iguega, Topaz, Ekouata and Pilote - together with material pre- and post-salt exploration potential in an established Gulf of Guinea hydrocarbon fairway.
The Company is structured around a multi-project approach, progressing assets across different stages of development, hydrocarbon type and reservoir characteristics. This approach is designed to deliver a balanced portfolio of production growth, field redevelopment, new discoveries and the commercialisation of substantial gas resources, supported where appropriate by partner funding, carried work programmes and cash from existing producing assets.
Located near the Georgian capital of Tbilisi, Block Energy is well-positioned to contribute to the region's energy landscape. This proximity facilitates operations and underpins the Company's commitment to the economic and energy development of Georgia.
Glossary
· bbls: barrels. A barrel is 35 imperial gallons.
· Bcf: billion cubic feet.
· boe: barrels of oil equivalent.
· bopd: barrels of oil per day.
· DGH: Directorate General of Hydrocarbons of Gabon
· Mbbls: thousand barrels.
· MMbbls: million barrels.
· MMboe: million barrels of oil equivalent.
· MMCF/d: millions of cubic feet of gas per day
· TCF: trillion cubic feet.
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