Georgia Oil and Gas Limited (GOGL), together with GOGC and GOG SLADS, has signed a Farmout Agreement Aspect Energy LLC covering the North Samgori (XIQ) license area.

The agreement was signed with Aspect Georgia, LLC (“Aspect Georgia”), a U.S.-based subsidiary of the Aspect Energy group. Further information is available here

The agreement introduces staged international investment for seismic and drilling activities, including high-impact deep exploration targets. The gross Program is estimated at approximately US$95 million, fully funded by Aspect Georgia

Aspect may earn up to 75% working interest, with an option to increase to 92.5% subject to additional consideration. The Program primarily targets the Martkopi Terrace prospect, independently assessed by DeGolyer & MacNaughton in 2023 with mean unrisked recoverable prospective resources of 301.7 MMboe.

Seismic acquisition is expected to commence in 2026, marking the beginning of the next phase of structured exploration and development of North Samgori (XIQ) license area.