Independent Valuation of Rescources by DeGolyer & MacNaughton – June 2023

An independent evaluation carried out by DeGolyer & MacNaughton (D&M), a globally recognized petroleum consultancy, confirmed the presence of significant oil and gas potential across the North Samgori and South Samgori license areas. The study provides a combined Net Present Value (NPV) of more than USD 900 million and estimates approximately 294 million barrels of oil equivalent (MMBOE) of risked resources, with a total of 1,100 MMBOE unrisked. This offers external validation of the resource base and highlights the strategic importance of these blocks within Georgia’s energy sector.