It is a “truly transformational” deal that increases Block’s footprint in Georgia by thirty-fold
() told investors it has now completed the acquisition of Schlumberger Rustaveli Company Limited (SRCL), securing the transformational licences for Georgian onshore blocks IX and XI.
The deal significantly increasing production and provides several development and exploration opportunities that the company plans to advance in the coming months.
READ: Block boosted by new Schlumberger deal terms
It will now start to integrate the assets and operations along with a cost reduction plan to ensure the new assets are operated efficiently.
“I am delighted to announce the completion of our acquisition of SRCL from Schlumberger,” said Paul Haywood, Block chief executive in a statement. “It represents a truly transformational deal for Block, that enhances our current production, increases our acreage 30-fold and adds exciting new development opportunities.”
Block noted that it carried out subsurface technical studies of SRCL’s assets throughout the due diligence and acquisition process. This has yielded economically attractive short and medium-term opportunities.
The company plans to pursue a workover and drilling programme across the XIB and West Rustavi licence areas. It said it will update investors again in due course to provide more details.
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