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LONDON (Alliance News) - Block Energy PLC said Monday that its shares started trading on AIM market as the company hopes to increase oil production.
The oil and gas exploration company focused on Georgia said it raised GBP5 million through a placing of 125 million shares at 4 pence each.
Block Energy shares were flat at 4.38p each on Monday.
At the IPO price, the company's market capitalisation is GBP10.3 million.
The company said it aims to increase oil production from 15 barrels of oil per day to over 900 bopd within 18 to 24 months.
In a separate statement Sunrise Resources PLC owner of 466,474 shares and 39,199 warrants in Block Energy noted the initial public offering.
Sunrise resources shares were trading 0.7% higher at 0.16p.
Mayan Energy Ltd, which owns a 3.29% interest in Block Energy, also noted the IPO. The 8.5 million shares in Block Energy that Mayan holds are valued at GBP340,414.
Mayan Energy shares were 4.2% higher at 0.74p each.