(Alliance News) - Block Energy PLC said Monday its loss widened as costs rose on increased business activities following the ramp up of operations in Georgia.
Block Energy changed its year-end date to December 31 from June 30, meaning its interim period is for 12 months to the end of June.
For the period, Block Energy's pretax loss widened to USD3.5 million from USD2.0 million the year before, as administrative expenses rose substantially to USD3.1 million from USD1.8 million on increased business activities.
Meanwhile, revenue declined to USD151,000 from USD179,000 the prior year, on lower oil sales.
Looking ahead, Block Energy said it is fully funded for a five-well work programme, which includes the well WR-16aZ, throughout 2019 and 2020 with the objective of increasing oil production and appraising gas discoveries in the West Rustavi field in Georgia.
"We look forward to continuing to execute our West Rustavi work programme during the remainder of 2019 and 2020, and to reviewing new opportunities in Georgia and the wider region. We are a dynamic and ambitious company ever open to prospects for applying the low-cost, innovative drilling technologies we have deployed and demonstrated across our current licences," said Chief Executive Officer Paul Haywood.
Shares in Block Energy were up 0.8% at 4.84 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Block Energy P. (BLOE)