RE: Project 3 RNS opening SP10 Apr 2026 10:23
On 8 December 2025, the company stated it had received a non-binding farm-in offer from a large energy company, including a full carry on the Patardzueli-Samgori appraisal programme and an initial development carry for a 20 MMcf/d early production facility. The company further stated the gross carry value at US$25m–30m. That is serious external validation.
Add the 1,074Bcf 2C contingent resources and US$501m NPV10 attached to Patardzueli-Samgori in the 2024 independent report, plus the extra gas upside in Rustavi, Teleti and South Dome, it can be observed why this is the company-maker.
On 5 November 2025, Block also disclosed a non-exclusive MoU with an international trading company around future gas offtake and marketing. The offer was explicitly non-binding, subject to definitive agreements and Georgian government approval. A later RNS (10 April 2026) confirmed it has converted into a signed binding deal.
A binding carried farm-in is the rerate trigger, government sign-off plus a firm appraisal timetable is the second stage, and successful appraisal plus real commercial offtake is where the market starts to price BLOE as something far bigger than a small AIM producer.