Block Energy completes 70% of Project IV seismic survey

Block Energy ($BLOE) said approximately 70% of the 3D seismic survey at its Martkopi Project IV area in Georgia has been completed, with acquisition expected to finish by mid-October. The survey is intended to improve subsurface imaging and guide subsequent interpretation and drilling decisions.

The work sits within the company’s staged arrangement with partner Aspect, which funds relevant work as it earns project interests. The previously described work program has an estimated value of $95 million, but that is not immediate revenue for Block or an unconditional commitment to spend the entire amount. The survey update does not demonstrate a discovery, establish commercially recoverable reserves or confirm that a production development has been sanctioned.

Sources:

• Block Energy — Project IV update, RNS