Signing of PSC Amendment and Deed of Assignment for Block VIIb, Western Georgia

signing of farm in agreement

NauticAWT Energy Pte Ltd CEO Mr. John Gronbech attended the signing ceremony in Tbilisi Georgia for the PSC Amendment and Deed of Assignment of Block VIIb located in Western Georgia which contains the Shromisubani and Supsa oil fields. Also in attendance was the Georgian Deputy Energy Minister, Ms. Mariam Valishvili, Head of State Agency of Oil and Gas, Mr. Giorgi Tatishvili, representatives from Georgian Oil and Gas Corporation (GOGC) and NauticAWT’s Joint Venture partner in Block VIIb, Vectra Petroleum Limited. The Agreement covers the production and exploration area in Block VIIb which contains 80 wells drilled from 1940 to 1994, with 3 wells currently producing around 40 barrels of oil per day from the Shromisubani field.

NauticAWT’s Joint Venture partner Vectra Petroleum Limited is a Hong Kong registered company, which operates in India , the Czech Republic and France.

Mr. Gronbech and the rest of the NauticAWT technical team will undertake a field visit whilst in country, thus commencing NauticAWT first field operations in Block VIIb which initially includes the workover and perforation of 3 existing producing wells. NauticAWT’s technical team will continue to analyse existing and new data to determine additional upside production potential in a wide range of stratigraphic formations in existing wells within the Shromisubani field.