Completion of Farm-Out Agreements with Georgian Oil and Gas Corporation

Georgia Oil & Gas Limited (GOG) is pleased to announce that on December 30, 2021 Farm-Out Agreements (FOAs) were concluded with National Oil Company – Georgian Oil and Gas Corporation (GOGC), resulting from GOGC’s decision  to exercise the Option on acquisition of 22% Participation Interest of the Contractor in PSCs over XIM, XIN, XIK and XIQ License Blocks for a net consideration of USD 3.5 million.

Under the FOAs GOG undertakes obligation to carry out 140 km 2D seismic survey over the Contract Areas.