AIM-listed Block Energy, the international oil and gas company with assets in Georgia and interests offshore Gabon, has announced the launch of its new corporate website at www.blockenergy.co.uk. The new website reflects the significant evolution of Block’s business and provides shareholders and prospective investors with a clear view of the Company’s expanded portfolio, partner-funded growth strategy and current activities.
Block has materially broadened its opportunity set through the completed Project IV (XIQ) farm-out with Aspect Energy, the binding Framework Agreement with Zhijiang Sanning Energy Co. Ltd ('Sanning') in respect of Project III, and its entry into offshore Gabon. These developments demonstrate Block’s strategy of identifying and technically advancing material opportunities, attracting credible industry partners and third-party capital, and retaining meaningful exposure to successful outcomes. Under the XIQ farm-out, Block is fully carried through a staged work programme with estimated gross expenditure of approximately US$95 million. The Sanning Framework Agreement provides for up to US$75 million of total carry for Project III, subject to definitive documentation, approvals and the agreed staged conditions.
Commenting, Paul Haywood, CEO of Block Energy, said:
'The new website reflects the transformation of Block over the past several years. We have evolved from a Georgian producer into a broader international oil and gas business with material opportunities across Georgia and offshore Gabon. Our strategy is to identify and to develop high-potential assets, bring in credible industry partners and third-party capital, and retain meaningful exposure to the upside, and we have now executed a number of transactions to support it.
'The Aspect transaction, the Sanning Framework Agreement and our entry into Gabon demonstrate that strategy in action. The new website gives shareholders and prospective investors a clear view of the scale of the portfolio and the opportunities we are working to unlock.'
Source: Block Energy
