The Government of Georgia Announced ELENILTO as the Winner of XIH Oil Block Tender

LONDON - Tuesday, August 28th 2012 [ME NewsWire]

(BUSINESS WIRE)-- ELENILTO has been awarded in an international competitive tender of the government of Georgia, the rights to operate and to develop the onshore oil & gas XI-H block.

The Block is situated adjacent to the Jindal Petroleum Blocks (one is producing) with estimated recoverable reserve of 234 MMBBL of crude oil and 840 BCF of gas, and Frontera's block with estimated resource of 700 bcf, and Blake Oil and Gas blocks with resources of 357 MMBOE recoverable and potential to 2,151 MMBOE.

Block XI-H, covering an area of c. 185 km2, is located within the east Adjara-Trialeti thrust and fold belt. Geophysical and deep drilling data from the east Adjara-Trialeti (sag zone) indicate a thick sequence (7-10 km) of Cretaceous, Tertiary and Quarterly sediments. The block lies within the Tbilisi oil and gas bearing province. Geological studies and oil-prospecting activities in the greater Tbilisi oil and gas bearing province were conducted mainly in the last century. Regional as well as detailed geological mapping and geophysical field surveys (seismic, gravity, magnetic, and electric prospecting) have been conducted since the 1930s.

Within the Block XIH and adjacent areas, several exploration wells have been drilled, mainly for oil and gas but also for thermal waters. Deepest wells reached some 4,200 m and oldest rocks encountered include upper Cretaceous sediments. Several oil, gas and gas-condensate fields were discovered in adjacent blocks, mostly in Eocene sediments.

About Elenilto

Elenilto is developing today offshore & onshore oil & gasblocks, iron ore and other minerals large scale projects in Liberia, Guinea Conakry, Sierra Leone, Senegal, Congo Brazzaville, Ethiopia, Benin and further countries. This is the first oil & gas development project that Elenilto shall carry in Europe, which is added to Elenilto's wide operations in Africa.

Contacts

Business Development, ELENILTO

Yonatan Brender, +44 (20) 8457 7249