Project IV 3D Seismic Acquisition Completed

Block Energy PLC

13 October 2026

 

13 October 2026

Block Energy plc

("Block" or the "Company")

Project IV 3D Seismic Acquisition Completed at Martkopi Terrace

Block Energy plc (AIM: BLOE), the international oil and gas company with assets in Georgia and interests offshore Gabon, is pleased to announce the completion of 3D seismic acquisition over the Martkopi Terrace prospect within licence XIQ, part of the Company's Project IV portfolio in Georgia.

Highlights

•          3D seismic acquisition over Martkopi Terrace completed.

•          Martkopi Terrace independently assessed at 301.7 MMboe of gross mean unrisked recoverable prospective resources (DeGolyer and MacNaughton, 2023).

•          Survey forms part of Aspect’s staged, fully funded work programme, with estimated gross expenditure of approximately US$95 million (Block internal estimate).

•          Block is fully carried through the relevant phases of the programme.

•          Data now moves into processing and interpretation to refine prospect definition and support future exploration drilling location selection.

The Martkopi Terrace prospect represents a material exploration opportunity for the Company, having been independently assessed to contain 301.7 MMboe of gross mean unrisked recoverable prospective resources (DeGolyer and MacNaughton, 2023).

The 3D seismic programme follows the successful farm-out of licence XIQ earlier this year to Aspect Georgia, a subsidiary of US-based Aspect Energy. The survey forms part of the staged work programme, with estimated gross expenditure of approximately US$95 million (Block internal estimate), and Block fully carried through the relevant phases.

Under the terms of the farm-out agreement, Aspect Georgia may earn up to a 75% working interest in licence XIQ through completion of a staged, fully funded work programme including seismic, exploration and appraisal drilling, and early production facilities. Aspect Georgia also holds an option to increase its working interest to 92.5% in return for additional cash and royalty consideration.

Following completion of the acquisition phase, the data will now be processed and interpreted. The resulting 3D dataset is expected to improve subsurface imaging, refine the structural definition of Martkopi Terrace and support the selection of future exploration drilling locations.

Commenting, Paul Haywood, CEO of Block Energy, said:

"Completion of the Martkopi 3D seismic acquisition is another important milestone for Project IV and tangible evidence of our partner-funded strategy moving into execution.

Martkopi Terrace is a material exploration opportunity, independently assessed at 301.7 MMboe of gross mean unrisked recoverable prospective resources. The next phase is processing and interpretation of the new 3D dataset, which will materially improve our understanding of the prospect and support future drilling decisions.

Importantly, this work forms part of the staged programme being funded by Aspect, preserving Block’s capital while retaining exposure to a potentially significant outcome. This is the model we are increasingly seeking to replicate across the wider portfolio.”

Qualified Person Statement

Mr Christopher Brown BSc, MSc, DIC (Block's Technical Director) has reviewed the technical information contained in this announcement, including the referenced prospective resource estimate. Mr Brown is a geoscientist with over 45 years of experience in the oil and gas E&P sector.

ENDS

For further information please visit www.blockenergy.co.uk or contact:

Paul Haywood (Chief Executive Officer)	Block Energy plc	Tel: [phone]
Neil Baldwin (Nominated Adviser)	Spark Advisory Partners Limited	Tel: [phone]
Peter Krens (Corporate Broker)	Tennyson Securities	Tel: [phone]
Mark Antelme / Philip Dennis / Kathleen Beams (Financial PR Adviser)	Celicourt Communications	Tel: [phone]

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 interests offshore Gabon.

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

3D seismic means a geophysical survey method used to create a three-dimensional image of subsurface geology

LTI means lost-time incident

MMboe means million barrels of oil equivalent

NPV10 means net present value discounted at 10%

Tcf means trillion cubic feet of gas

Vibroseis means a seismic source method that uses controlled ground vibrations to generate subsurface imaging data

 

END