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Block Energy PLC

Block Energy takes full control of West Rustavi asset in Georgia

The Aim-listed company paid Georgia Oil and Gas US$750,000 in cash and shares for the additional interest in a deal that was flagged in February.

Oil workers
Recent sidetrack at West Rustavi was among best wells drilled in Georgia

Block Energy PLC (LON:BLOE) has raised its stake in the West Rustavi field in Georgia to 100% from 71.5%.

The Aim-listed company paid Georgia Oil and Gas US$750,000 in cash and shares for the additional interest in a deal that was flagged in February.

West Rustavi has an estimated 900,000 barrels of 2P oil reserves and 38mln barrels of resources (2C).

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Price: £0.07

Market: AIM
Market Cap: £28.7 m
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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

2 min read