A new front
Transformational international expansion
In April 2026 Block became an international independent energy company, taking a 76.5% indirect economic interest the contiguous Ndjila and Mpari PSCs in the North Gabon basin offshore West Africa.
Gabon is a mature hydrocarbon province with established operators, export routes and a long production history. The region’s subsurface and surface potential have been validated by recent investments by majors including Exxon, BP and Trafigura.
Ndjila and Mpari, covering a combined area of 5,331 km2 containing four historical oil discoveries drilled by historic operators including Texaco, Shell and Tullow, offer 75 MMbbl (pMean) discovered oil with up to 870 MMbbl (pMean) STOIIP upside. Ndjila and Mpari’s dataset includes near‑full coverage, and a modern 3D seismic survey acquired in 2017. Multiple mapped leads and prospects have been identified in the pre‑ and post‑salt sections.
The US$6m acquisition is supported by tested oil discoveries and low-cost commitments. Anchor field Iguega is primed and ready to go, with a discovery well testing at rates of 3,300 bopd, and a development concept based on prior work by Shell envisaging 23 MMbbl (pMean) recoverable oil. Three other structures offer an additional 52 MMbbl (pMean) discovered oil.
Highlights
This acquisition reinforces Block’s position as an independent international energy company through a 76.5% indirect economic interest in the contiguous Ndjila and Mpari PSCs in offshore Gabon. The licences cover 5,331 km² in the North Gabon Basin and contain four historical oil discoveries drilled by operators including Texaco, Shell and Tullow.
Block secured a low-cost entry of approximately US$6m into assets with 75 MMbbl (pMean) of discovered oil and up to 870 MMbbl (pMean) STOIIP upside. The anchor Iguega field is development-ready, with a discovery well previously testing at 3,300 bopd, while the basin’s potential has been reinforced by recent investments from majors including Exxon, BP and Trafigura.
76.5%
Indirect Economic Interest
5,331 km²
Combined PSC Area
75 MMbbl
Discovered Oil (pMean)
870 MMbbl
STOIIP Upside (pMean)
Programme
A low-risk, desktop-based programme designed to rapidly advance Iguega and the wider portfolio towards farm-out and development
- Packaging Iguega for near-term farm out and development (production potential c. 8,000 bopd)
- Re-mapping licences to define full prospect and lead portfolio, as well as evaluation of remaining four oil discoveries for farm-out
- Licensing 2017 TGS 3D seismic for pre-salt evaluation (dataset not used by other operators)
- Operations supported by Block’s technical and operational capability and Board experience in West Africa
- Fine-grained data-rich blocks in proven basin significantly reduces both capital exposure and time to develop the assets to farm-out ready status
Other projects
Project I
Project I combines established production, development potential, and innovative drilling techniques to generate cash flow, support future growth, and maximise value across the wider portfolio
Project II
Project II is focused on realising the substantial potential of the Patardzeuli-Samgori field, leveraging a large contingent resource base, proven production history, and attractive development opportunities
Project III
Project III is focused on developing a world-class gas resource with multi-trillion cubic feet potential, supported by strategic partnerships and significant long-term value creation opportunities
Project IV
Project IV targets significant exploration upside across multiple licences, supported by a strategic farm-out partnership and a fully funded programme designed to unlock substantial resource potential
Carbon Capture and Storage
Our CCS initiative has the potential to establish a major CO₂ storage hub in Georgia, supporting industrial decarbonisation and contributing to long-term net-zero objectives
Commercialisation
With established operations in Georgia and a new platform in Gabon, we are pursuing defined routes to commercialisation through market access, infrastructure, and low-cost entry into proven hydrocarbon provinces