On 10 Nov 2011, Vectra Investment Private Limited inked the Production Sharing Contract with the Government of Georgia for a 25 year lease of Block VIIB at Tbilisi. The bidding process started in Dec 2010 and our bid was accepted by the Georgian Government on 09 Feb 2011. Negotiations on the Production Sharing Contract with the Georgian authorities were concluded in Sep 2011. Block VIIB covering an area of 1175 Sq Km is geographically located in West Georgia adjacent to the Black sea port of Poti. The Block has two fields, namely Subsa that was discovered in 1938 and Shromisubani discovered in 1973. Subsa field is shallow with depths ranging between 700-1100 meters and Shromisubani is deep with depths between 2500-3500 meters. There are 38 existing wells in Subsa and 27 wells in Shromisubani, however the current production of 35 barrels a day is from three wells only and the other wells are capped. The production in this Block has been low as the exploration and development costs were not cost effective during the regime of low oil prices. The Block has estimated reserves of about 8 million barrels based on old data; however these reserves could be much larger after exploration and development.

In keeping with the Vectra Groups policy of forging, strengthening and expanding strategic alliances globally, this acquisition has placed the group amongst a few with "oil producing capability".