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Block Energy to acquire two blocks in Georgia from Schlumberger

Christian Fernsby |
Block Energy has agreed to acquire Schlumberger Rustaveli, a subsidiary of Schlumberger, which holds three production sharing contracts in Georgia.

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Through the acquisition, Block Energy gains the producing Block XIB and the exploration Block IX. The third concession, Block X, held by the Schlumberger subsidiary, has been agreed to be relinquished.

Block XIB, which spans 615 km2, is said to be the largest ever-producing asset in Georgia with more than 180 million barrels of oil produced. Located in the Kura Basin, Block XIB has been predominantly producing from the Middle Eocene.

Block IX, on the other hand, spans 1,925 km2 and is covered with 454km of 2D seismic, which was acquired in 2010. The exploration block in Georgia has 38 legacy wells, with two wells which were drilled in 2013 having oil and gas shows, said Block Energy.

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