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(Alliance News) - Block Energy PLC said Monday its working interest in the West Rustavi licence, in Georgia, has increased to 100%.
The increase, from 71.5% and originally from 25%, follows an agreement made with Georgian Oil & Gas Ltd in late February.
Block Energy said it will now have greater control over the development of West Rustavi. The company intends to drill as many as four horizontal sidetrack wells and expand production facilities to raise capacity at West Rustavi to between 4,000 and 5,000 barrels per day.
As part of the agreement with Georgian Oil & Gas, Block has paid a total consideration of USD750,000. The final consideration came on the form of USD250,000 in cash and 3.3 million shares, issued at 11.99 pence. Georgian Oil & Gas now holds a 7.7% stake in Block Energy.
Shares in Block Energy were down 2.9% in London on Monday at 12.14p each.
