Exploration
Unlocking frontier resource potential
Project IV explores Block’s IX, XIH, and XIQ licences featuring XIQ’s highly prospective Martkopi Terrace prospect, with Mean Unrisked Prospective Gross Oil & Gas Resources of 302.8 MMboe and an NPV10 of US$272.7m.
In 2025 Block entered into a farm-out agreement for the XIQ licence, according to which Aspect Energy, a US independent with a strong track record in Eastern Europe, will carry Block for an exploration programme of up to US$95m.
The agreement commits Aspect, a US-backed upstream company with more than 30 years of exploration success in Eastern Europe and beyond, to funding a work programme including 3D seismic and up to three high-impact wells. Block will retain a 9.5% interest and operatorship.Aspect has a track record of building, funding and monetising upstream positions, including major 2008 asset sales totalling US$413m securing more than US$220m for Aspect and its internal partners.
Aspect has decades of experience in Eastern Europe. The company entered the Atrush PSC in Kurdistan in 2007, going on to sell its interest to TAQA at a profit, demonstrating both basin entry capability and disciplined exits. Aspect has committed significant investment to Hungary, producing over 10,000 bopd since 2018 and announcing new field discoveries in 2024.
Highlights
The flagship Martkopi Terrace prospect has Mean Unrisked Prospective Gross Oil & Gas Resources of 302.8 MMboe and an NPV10 of US$272.7m. The project is supported by 110 km² of 3D seismic data, providing a strong technical foundation for future exploration.
A farm-in agreement with Aspect Energy provides external validation of the asset and a clear benchmark for value created within the acreage. Block retains a 9.5% working interest and operatorship, alongside a technically proven partner with a track record of funding appraisal and development projects and delivering value through disciplined execution.
302.8 MMboe
Mean Unrisked Prospective Gross Resources
US$272.7m
NPV10
110 km²
3D Seismic Coverage
9.5%
Block Working Interest
| Our assets |
|---|
| Prospect | Licence | 1U (Low) Estimate | 2U (Best) Estimate | 3U (High) Estimate | Mean Estimate | Probability of Geological Success (%) |
|---|---|---|---|---|---|---|
| Martkopi Terrace Middle Eocene | XIQ | Gross Oil Resources (MMbbl) | 31.4% | |||
| 135.8 | 239.4 | 420.4 | 267.2 | |||
| Gross Associated Gas Resources (BCF) | ||||||
| 105.6 | 193.3 | 337.9 | 213.4 | |||
| Gross Oil & Gas Resources (MMboe) | ||||||
| 153.4 | 271.6 | 476.7 | 302.8 | |||
| Net Present Value, 10% (USD MM) | Probability of Economic Success (%) | |||||
| 99.5 | 223.4 | 501.8 | 272.7 | 28.4% | ||
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Commercialisation
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