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Block Energy Plc ( (GB:BLOE) ) has provided an announcement.
Block Energy plc has acquired a 10% interest in the XIQ Production Sharing Contract in Georgia, with an option to increase its stake to 22%. The XIQ licence, which holds significant prospective resources, is seen as a strategic addition to Block’s portfolio. The acquisition is fully funded from existing cash resources, and the company has met all obligations under the Joint Operating Agreement. The Martkopi Terrace prospect within XIQ is a key target, with plans for well re-entry and environmental studies. This move is expected to strengthen Block’s position in the Georgian energy sector and support ongoing farm-out discussions with potential partners.
More about Block Energy Plc
Block Energy plc is an AIM-quoted independent oil and gas production and development company with a strategic focus on unlocking the energy potential of Georgia. The company holds interests in seven Production Sharing Contracts in central Georgia, covering an area of 5,516 km², including the XIB licence with significant contingent gas resources. Block Energy aims to increase production, redevelop fields, discover new oil and gas deposits, and capitalize on untapped gas resources, strategically positioned for the EU market.
YTD Price Performance: 36.03%
Average Trading Volume: 1,484,147
Technical Sentiment Signal: Sell
Current Market Cap: £7.12M
For an in-depth examination of BLOE stock, go to TipRanks’ Stock Analysis page.