Block Energy Takes Full Control Of Georgian Licence
Georgia-focused Block Energy has raised its share in the West Rustavi licence area from 71.5% to 100%, in order to gain greater leverage over its development.
In an exchange filing on July 15, the London-listed producer said it had bought the extra stake from state-owned Georgia Oil and Gas for $250,000 in cash and $500,000 in issued shares.
West Rustavi, located in western Georgia near the capital Tbilisi, holds 0.9mn barrels of proven and probable oil reserves, according to Block. Its best-estimate contingent resources are estimated at 38mn barrels of oil and 17.2bn m³ of gas.
Block secured equipment earlier this month for a back-to-back drilling programme at West Rustavi, aimed at expanding oil production and testing four previous gas discoveries.