The initial programme envisages appraisal drilling and retesting, potentially supporting production of around 20 million cubic feet of gas daily. Haywood estimates this could generate an additional $15 million to $20 million in annual revenue for Block Energy. Definitive transaction documents and Georgian state approvals remain important hurdles, with operations targeted for the first half of 2027.
Meanwhile, CCS remains under development rather than sidelined. The next stage involves specialist third-party work to establish whether carbon stored in Georgia could qualify under relevant European carbon-pricing legislation and generate credits through the emissions trading system. Regulatory clarity will be essential to establishing commercial viability.
OPEC member Gabon adds another dimension. Block Energy has secured interests across two blocks covering more than 5,000 square kilometres, containing four historical oil discoveries totalling approximately 75 million barrels of discovered oil. The company is integrating historic seismic, well and production data while assessing discovered resources and further exploration potential.
Haywood says unsolicited partnership approaches have already emerged, although he considers a farm-out premature while technical work continues. Funding for Gabon’s next 12 months of obligations is, he says, covered by ring-fenced funds.
As Paul explains to Sarah Lowther in this video interview, the proposition is increasingly about execution: securing partners, converting resources into reserves and demonstrating cash-generating potential. Block Energy has assembled several possible catalysts, the chief executive has increased his holding since his appointment and as a major shareholder delivering these catalysts, rather than simply describing the opportunity, is now the goal.
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The author was remunerated but does not hold shares in the company
