London Stock Exchange welcomes Block Energy Plc to AIM
Block Energy Plc (BLOE.L), an oil and gas exploration and production company focussed on the Republic of Georgia, celebrated its successful admission to AIM at the London Stock Exchange today.
Block Energy has a portfolio of production, development and exploration assets that lie in the heart of the Kura basin which at its peak produced ~70,000 barrels of oil per day in Georgia and is estimated to hold over 7 billion barrels of proven reserves in Azerbaijan and North Caucasus.
As part of the Admission process, the Company has raised £5 million before expenses, through an oversubscribed placing of 125 million new ordinary shares at 4p each, implying a market capitalisation of £10.3 million on Admission. Following its Admission to AIM, the Company will commence a defined phased strategy focussed on rapidly scaling up production across its asset base.
Led by a team with significant experience and contacts in Georgia and the wider region and with one of the country's main oil services and drilling companies as a shareholder, the Company is actively reviewing further oil and gas opportunities throughout the region, as it looks to build Block Energy into the largest independent oil and gas producer in Georgia.
Paul Haywood, Managing Director, commented:
"We are delighted with the huge amount of interest in Block Energy and the backing of respected institutions in our over oversubscribed placing. Georgia is a low-risk nation with significant underexploited oil and gas reserves. Block Energy has the right team in place on the ground with excellent local relationships to execute our strategy and help realise this potential. With this in mind, we look forward to updating the market on our progress in due course."