Block Energy has scheduled a 3D seismic acquisition program at the Martkopi Terrace prospect in eastern Georgia, with work set to begin in July 2026. The survey, covering the XIQ PSC area, will be fully funded by farm-in partner Aspect Energy under a farmout agreement first announced in September 2025.
3D seismic program is set to begin in July 2026
Aspect Energy will kick off a 3D seismic survey across the Martkopi Terrace prospect in July 2026, with the pprogramexpected to run for approximately three months. Once acquisition wraps up, the data moves into processing and interpretation to support the Joijoint venture’sploration drilling plans.
The survey is designed to sharpen subsurface imaging across the structure. It will deliver detailed information on prospect definition, reservoir distribution, and where wells should ultimately be drilled—outputs that feed directly into targeting decisions when the Jointjoint venturences to the drilling stage.
Block Energy will not deploy its own capital for the seismic work. All funding comes from Aspect Energy, flowing from the terms of the farmout agreement the two companies struck. Block shareholders gain exposure to the program without bearing the associated cost.
A farmout agreement underpins fully funded exploration program.
The farmout agreement between Block Energy and Aspect Energy was first announced on 4 September 2025, with a further update issued on 19 January 2026. The current seismic program is the first major operational step to emerge from that deal.
Under the XIQ Farmout Agreement, Aspect carries the cost of seismic acquisition as part of its farm-in obligations, meaning the 3D survey proceeds at no direct cost to Block Energy.
The broader multistage exploration program tied to the farmout carries an estimated gross value of US$95 million, and the seismic acquisition is its opening phase. Block Energy retains full exposure to the potential upside while preserving capital for other strategic priorities. The company has presented this structure as a deliberate feature of its partnership model rather than a one-off outcome.
Martkopi Terrace independently assessed at 301.7 MMboe
The scale of the Martkopi Terrace opportunity is central to why the seismic program carries weight. An independent competent person’s report conducted by DeGolyer and MacNaughton assessed mean unrisked recoverable prospective resources at 301.7 million barrels of oil equivalent—placing it among the largest undrilled onshore exploration opportunities in Block Energy’s portfolio.
The assessment is unrisked, so it does not account for geological probability of success. That is precisely where the 3D seismic data becomes valuable.
The survey is expected to sharpen prospect definition, clarify how reservoir units are distributed across the structure, and identify optimal well locations. These are the technical inputs a joint venture needs before committing capital to a drilling campaign. The three-month acquisition window, followed by processing and interpretation, will build that foundation.
XIQ PSC area and Block Energy’s broader Georgia position
The XIQ PSC covers a substantial exploration area in eastern Georgia, containing multiple opportunities across several play types. That geological diversity gives the license breadth beyond Martkopi Terrace alone, though the terrace remains the principal focus of current exploration activity within the block.
Block Energy’s Georgia footprint extends further. The company also holds interests in Project III, which CEO Paul Haywood referenced alongside recently acquired assets offshore Gabon as part of a broader portfolio narrative. Haywood described the partner-funded model demonstrated by the Aspect Energy deal as a blueprint for how Block intends to unlock value across its other assets—a framing that positions the XIQ farmout as something more than an isolated transaction.
In a statement, Haywood said the approach demonstrates Block’s ability to attract high-quality partners to fund and accelerate material projects while limiting shareholder dilution and capital risk. He added that the company looks forward to updating shareholders as the program progresses and further technical results become available.
Block bears none of the acquisition cost
Block Energy has confirmed that Aspect Energy will begin a 3D seismic acquisition program at the Martkopi Terrace prospect in July 2026. The survey runs for roughly three months and is fully funded by Aspect under the XIQ Farmout Agreement announced in September 2025. Block bears none of the acquisition cost.
DeGolyer and MacNaughton independently assessed the prospect at 301.7 MMboe mean unrisked recoverable prospective resources, placing Martkopi Terrace among the largest undrilled onshore targets in B;ock’s portfolio. The seismic data will feed directly into prospect definition and well planning for the joint venture’s future drilling campaign.
The broader multistage exploration program carries an estimated gross value of US$95 million. Block frames the partner-funded structure as repeatable—one it intends to apply across Project III and its Gabon assets as the company continues building out its portfolio.
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