Block Energy outlines Project III farm-out plan in Georgia

Block Energy received a non-binding farm-in offer from a major energy company that would carry a full appraisal program across the Patardzueli–Samgori area of Project III in Georgia. The proposal follows extended technical work between the companies and outlines a multi-well sequence of re-tests, sidetracks and reservoir data acquisition.

The appraisal scope includes three historical well re-tests (two targeting the Lower Eocene and one the Upper Cretaceous) along with two highly-inclined sidetracks aimed at the Lower Eocene reservoir. Plans also call for data-gathering and well-testing operations to refine the development model.

In parallel with the appraisal work, the offer includes support for early-stage development through the construction and hook-up of an initial production facility. The project framework also covers additional assets within Project III, including the Rustavi and Teleti fields and the South Dome exploration prospect.