logo-loader
viewBlock Energy PLC

Block Energy raises interest in ‘highly prospective’ West Rustavi licence in Georgia

The oil and gas company said West Rustavi licence has proven reserves and multiple gas discoveries have already been made in the Lower Eocence and Upper Cretaceous within the licence

oil rig silhouette
In early morning trading, Block Energy’s shares rose 1.54% to 3.30p.

Block Energy Plc (LON:BLOE) has announced the acquisition of an additional 20% interest in the ‘highly prospective’ West Rustavi licence in Georgia, increasing its working interest to 25%.

The oil and gas company said West Rustavi licence has proven reserves and multiple gas discoveries have already been made in the Lower Eocence and Upper Cretaceous within the licence.

WATCH: Block Energy increases stake in ‘highly prospective’ West Rustavi licence

Block Energy said acquisition has been satisfied for a cash consideration of US$500,000, and subsequent to US$1mln in new ordinary shares priced at 4p per share, issued at the company's admission to trading on AIM on the 11 June 2018. 

Paul Haywood, director of Block Energy, said: "The value potential for West Rustavi is outstanding.  With multiple discoveries and a 608 BCF 2C gross unrisked contingent gas resource and 37.9MMBbls of oil, the licence is of huge importance to the company going forward, in terms of development potential and value uplift.”

He added: “Increasing our interest in the licence is a key strategic objective for Block ahead of embarking on a development programme in the third quarter of 2018, which will unlock both value and production potential, as well as upgrade West Rustavi's resources to proven reserves.”

In early morning trading, Block Energy’s shares rose 1.54% to 3.30p. 

Quick facts: Block Energy PLC

Price: 5.45 GBX

AIM:BLOE
Market: AIM
Market Cap: £21.45 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Block Energy PLC named herein, including the promotion by the Company of Block Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Block Energy increases stake in ‘highly prospective’ West Rustavi licence

Paul Haywood, director of Block Energy Plc (LON:BLOE), tells Proactive Investors they've acquired an additional 20% interest in the ‘highly prospective’ West Rustavi licence in Georgia - taking their stake to 25%. Haywood says the West Rustavi licence has proven reserves and multiple gas...

on 29/6/18

RNS

Holding(s) in Company

2 weeks, 3 days ago

Result of AGM and Board Change

2 weeks, 4 days ago

AGM Presentation

2 weeks, 4 days ago

Operations Update

2 weeks, 4 days ago

Gas Sales Agreement

2 weeks, 5 days ago

Grant of Options

4 weeks ago

Operations Update

4 weeks ago

2 min read