Blake Oil and Gas enters joint venture agreement with MND

Guernsey-registered company Blake Oil and Gas has entered into a joint venture arrangement with MND Group to fund development and appraisal activities on the Ninotsminda, Manavi and Norio oil and gas assets in the country of Georgia.

Under the terms of the agreement, MND — a member of the KKCG Investment Group — will acquire a 50 per cent interest in three of Blake’s operating subsidiaries: Ninotsminda Oil Company, Canargo (Nazvrevi) and Canargo Norio.

MND will also fund a work programme to accelerate the development of the currently operating Ninotsminda field and complete the appraisal of the Manavi and Norio discoveries.

According to Vincent McDonnell, chief executive officer of Blake, work will begin immediately on preparing for seismic acquisition, with a view to an extensive drilling programme over the next three years.