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Block Energy targeting 1500 barrels a day by end of 2019 as Georgia exceeds all expectations

Paul Haywood, chief executive of Block Energy PLC (LON:BLOE), chats to Proactive London's Andrew Scott after closing the bookbuild for their new placing.

Block launched a £12mln equity raise to fund an accelerated growth strategy in the Republic of Georgia.

The cash injection will pay for the drilling of up to four new horizontal sidetrack wells to scale up production, the expansion of production facilities to provide capacity for 4,000 to 5,000 barrels of oil per day, and the acquisition of 3D seismic data.

Quick facts: Block Energy PLC

Price: 5 GBX

Market: AIM
Market Cap: £19.68 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...

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