East Kavtiskhevi (Block VIII)

Drill ready appraisal target with large oil shows

  • 36.9 MMbbl risked resources in Cretaceous
  • 4,700 km2 area
  • Multiple prospective horizons
  • SCHLUMBERGER active neighbor , multiple well programme scheduled for 2017 & 18
    • PSC until 2037 with optional 5 year renewal
    • 100% recovery of operating cost before any sharing with government
    • 40% capital cost recovery & 35% of profit oil
    • No taxes, $5.5M commercial discovery bonus
    • Minimum Work Programme (MWP) remains at
      • 30km 2d seismi before 2019
      • Drilling of on wells before 2020