MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

A new international investor, Aspect Georgia LLC, has entered Georgias oil and gas exploration and production sector. The company will invest 70 million USD in the planning and execution of exploration and extraction activities. Aspect Georgia LLC joins the group of investors currently conducting licensed works at the XIQ license area in Eastern Georgia.

Aspect Georgia LLC will be transferred a share in the joint project of three contractor companies: Georgia Oil and Gas Limited, JSC Georgian Oil and Gas Corporation, and GOG SLADS Limited. The Product Sharing Contract for the XIQ license area was signed among these contractors on December 23, 2021, following an open international tender conducted by the State Agency of Oil and Gas.

The LEPL State Agency of Oil and Gas of the Ministry of Economy and Sustainable Development, the existing contractors, and the new investor signed the amendment to the contract. The Deputy Minister of Economy and Sustainable Development, Inga Pkhaladze attended the signing ceremony.

Aspect Georgia LLC is registered in the US State of Colorado and is an affiliate of the American oil production group, Aspect Holding LLC. Aspect Holding LLC possesses years of successful experience in oil and natural gas exploration and production, including fields with complex geological structures. The company operates in the USA, Central Europe, Latin America and the Middle East.