Block Energy PLC - Resource exploration and production company focused on Georgia - launches farm-out process for Project III, situated near the southern Caucasus pipeline in the greater Tbilisi area, after appointing LAB Energy Advisors to spearhead the project. Block Energy says the appointment of the London-based LAB, a "leading independent energy advisory company", will ensure that project's potential is "marketed effectively to a wide range of prospective partners". Block Energy believes that the project contains "significant gas resources", and that its proximity to the southern Caucasus pipeline makes it well-connected to international energy markets. Last week, the company published the results of an independent energy report, which ascribed the project a net present value of more than USD500 million.
Chief Executive Officer Paul Haywood says: "The appointment of LAB Energy marks the beginning of the anticipated farm-out process of Project III, signalling our commitment to deliver a high-value strategy with near-term impact. We're excited to get the process underway and look forward to updating our shareholders in due course."
Current stock price: 1.00 pence, down 4.8% in London on Monday afternoon.
12-month change: down 13%%
By Hugh Cameron, Alliance News reporter
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Block Energy P. (BLOE)