Georgia Oil & Gas Limited (‘GOG’) was founded in 2010 in British Virgin Islands (BVI), first licenses were acquired in April, 2011 from its shareholder company NOC (Norio Oil Company). Currently GOG has a net acreage position of 5,829 km2 with working interests in 8 Production Sharing Contracts (‘PSCs’) in the Republic of Georgia. GOG exploration license blocks are valid until 2037-2038 (+ 5 years) under 5 Production Sharing Agreements (PSAs) conditional to fulfillment of Minimum Work Programs (MWP).
GOG’s portfolio is located in the productive Kura Basin and is served by existing infrastructure including three pipelines. Georgia has a positive fiscal regime and the country benefits from a stable, simple, transparent and investor friendly environment. Production Sharing Contracts (‘PSCs’) and fiscal terms with regards to oil are positive for investors.