Block Energy Expands Resource Base with Samgori South Dome Acquisition

Block Energy Plc ( (GB:BLOE) ) has issued an announcement.

Block Energy plc has acquired operational rights to the Upper Eocene, Lower Eocene, and Upper Cretaceous in the Samgori South Dome field, confirmed by the State Agency of Oil and Gas of Georgia. This acquisition increases the resources for Project III by adding 574 BCF of unrisked prospective resources to the existing 2.7 TCF of contingent resources. The consolidation of the field into XIB allows for advancement alongside the Project III appraisal plan, potentially enhancing Block Energy’s resource base and growth potential. The acquisition marks a significant milestone for the company, positioning it to capitalize on future drilling success and strengthening its strategic foothold in the Georgian energy sector.

More about Block Energy Plc

Block Energy plc is an AIM quoted independent oil and gas production and development company focused on unlocking the energy potential of Georgia. The company holds interests in seven Production Sharing Contracts in central Georgia, covering an area of 4,256 km2, including the XIB licence with over 2.77 TCF of 2C contingent gas resources. Block Energy operates with a four-project strategy aimed at increasing production, redeveloping fields, discovering new deposits, and leveraging untapped gas resources for the EU market.

YTD Price Performance: 25.93%

Average Trading Volume: 1,502,277

Technical Sentiment Consensus Rating: Buy

Current Market Cap: £6.54M

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