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Block Energy PLC - exploration and production company focused on Georgia, applying new technology to previously discovered oil fields - Says it is "well funded" to deliver its "high-impact" strategy in 2024. Strategy includes farm-out of project III. This is the appraisal and development of gas resources in the Lower Eocene and Upper Cretaceous formations across the company's onshore blocks in Georgia. Says the project has a good chance of success and will increase its net asset value.
Chief Executive Paul Haywood says: "Our strategy is now evolving to accelerate the delivery of value from the company's high-impact projects which, in addition to projects III and IV, include project II, where the team continues to advance plans for secondary recovery that promise to trigger yet another high-impact and near-term CF farm-out process, supported by a [carbon capture and storage] pilot programme.
"The company remains focused on delivering a quantum leap for our shareholders and has an extremely busy first quarter planned in 2024, when we will continue to implement our strategy, which is being funded by current cashflows."
Current stock price: 0.87 pence each, up 5.1% on Friday
12-month change: down 23%
By Harvey Dorset, Alliance News reporter
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