Block Energy plc is progressing “extensive” talks for a potential farm-in, with an estimated US$25 to 30 million carry, over the undeveloped gas-bearing natural fracture system in the Patardzueli-Samgori field, Georgia. APPRAISAL The company’s blocks, XIB and XIF, lie within the Lower Eocene and Upper Cretaceous reservoirs, which are more than a kilometre thick. A […]
Tag: Block Energy plc
Block simplifies capital structure
Block Energy plc has cancelled unexercised options and issued new shares to its directors and staff voluntarily participating in a scheme to simplify the company’s capital structure. EBT The exercise follows the company’s review which identified the number of unexercised share options, equal to some 11.3% of its fully diluted share capital, as a “material […]
Block raises £1.5m
Block Energy plc has raised £1,499,974 via an institutional placing of, and direct subscriptions for, a total 214,282,000 new ordinary shares of 0.25 pence each, at an issue price of 0.7 pence per share. TVRs The company, with oil and gas assets in Georgia, said the fundraise had attracted strong demand from new and existing investors. The fundraise, which […]
Block to ‘slim hole’ drill sidetrack at West Rustavi
Block Energy plc plans to drill a sidetrack using directional pilot ‘slim hole’ technology in late September-October on the West Rustavi/Krtsanisi field, onshore Georgia. FARM-OUTS Operations, funded from existing cash resources, are part of project I, one of four running simultaneously in the company’s portfolio. Block said that the technology would be used for the first […]
Block issues 3.4m shares in options exercise
Block Energy plc has allotted 3,345,398 ordinary shares of 0.25p each to a former employee, following the exercise on 20 May 2025 of nil cost options. The options were granted as part of the salary sacrifice scheme between April 2020 and April 2023. Following admission, the company’s issued share capital will comprise 772,653,343 ordinary shares […]
Block acquires share in Martkopi Terrace
Block Energy plc has acquired a 10% participating interest in the XIQ production sharing contract containing Martkopi Terrace prospect with 267.2 MMbbl prospective resources in Georgia. STRATEGY XIQ comprises six PSCs of XIC, XIK, XIM, XIN, XIQ and Didi Lilo, which were combined in 2024 to create the enlarged single PSC to attract a farm-in […]