Block Energy plc, the exploration and production company focused on Georgia, has received confirmation from Georgia's State Agency of Oil and Gas ("SAOG") that it has completed the minimum work programme ("MWP") in the production sharing contract ("PSC") for Block XIF, thus securing the licence to 2043. This represents a major milestone and the Company has now completed all MWP requirements across its entire licence portfolio.

The MWP for Block XIF comprised the completion of an environmental impact assessment, extensive 3D-seismic data acquisition and processing, the drilling of a side-track from an existing well and one new well.

Commenting, Paul Haywood, Block Chief Executive officer, said:
"First and foremost, I would like to thank members of SAOG and GOGC for their timely acceptance of MWP fulfilment. Safely completing the MWP commitment across the XIF licence represents yet another significant milestone for the business, providing assurance over title on a key asset until 2043. This further supports final investment decisions on future work programmes over the life of the PSC. More broadly, all MWP commitments across our portfolio have now been met, allowing the team to focus, define and execute programmes, which meet our corporate objectives."

KeyFacts Energy: Block Energy Georgia country profile