Block Energy says Georgian farm-in agreement meets core objectives

(Alliance News) - Block Energy PLC on Monday said it has received a non-binding farm-in offer from a large energy company with regard to the Patardzueli-Samgori oil and gas field near Tbilisi.

The Georgia-focused oil and gas company said the deal, struck after extensive technical and commercial engagement, includes a full carry of the Patardzueli-Samgori appraisal programme.

In addition to the appraisal carry, the offer includes an initial development carry covering the construction and hook-up of an early-production facility.

Block estimates the total gross cost of the proposed carry to be in the range of USD25 million to USD30 million.

The offer is subject to the negotiation of binding agreements as well as Georgian government approval.

"While there is no certainty that a transaction will complete, the non-binding offer meets our core objectives: a full carry of the appraisal programme and early-stage development of Patardzueli-Samgori," commented Block Energy Chief Executive Paul Haywood.

Shares in Block Energy soared 31% to 0.85 pence each in London on Monday.

By Jeremy Cutler, Alliance News reporter

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