LONDON (Alliance News) - Block Energy PLC on Wednesday said it will raise GBP12 million via an accelerated share bookbuild process.
The exploration and production firm will use the money to accelerate is defined development strategy for the West Rustavi onshore oil and gas field in Georgia.
The company intends to drill as many as four horizontal sidetracks and expanse production facilities to raise capacity to 4,000 to 5,000 barrels per day.
Shares in Block Energy closed up 1.5% at 13.40 pence on Wednesday.
Block Energy P. (BLOE)