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LONDON (Alliance News) - Block Energy PLC has made "excellent" progress at its operations in Georgia in its first half, the company said on Thursday.
In the six months to December, Block completed two wells at its West Rustavi asset, targeting production of 325 barrels of oil a day.
At Norio, Block upped production fourfold, 60 barrels a day, closing in on its 100 barrel a day breakeven target.
Block's pretax loss for the period was GBP582,000, wider from USD375,000, with revenue doubling to USD117,000.
"Block Energy has made solid progress since the company's IPO in June 2018. The company's share price fell below its IPO level for a few months as Block got underway in the second half of 2018, but has gathered momentum as we have secured our assets and increased production," said Executive Paul Haywood.
"We look forward to continuing to open up the value of our current fields and exploring new opportunities in Georgia and beyond."
Shares were 1.0% higher on Thursday at a 3.99 pence each, having floated at 4p.