Georgia-focused oil firm, Block Energy, has just completed a £12 million fundraising. CEO Paul Haywood is confident in his outlook.
Raise up to GBP 12m million
Expected Use of Proceeds
The Company is undertaking the Placing in order to fund the acceleration of its defined development strategy in relation to its rights under the West Rustavi PSA. Over the next 12 months, the Company intends to carry out the following works in West Rustavi:
· Drill up to four horizontal sidetracks to scale up production and fund future capital programmes.
· Expand production facilities to increase capacity to 4,000 – 5,000 bbl/d.
· Acquire 3D seismic to provide critical understanding of subsurface.
· Appraise two existing gas discoveries.
· Drill one new well targeting gross contingent 2C gas resource of 608 BCF.
Block Energy PLC, the exploration and production company focused on the Republic of Georgia, announces its intention to conduct an accelerated bookbuild (the “Bookbuild”) to raise gross proceeds of up to approximately GBP 12m by way of a placing (the “Placing”) of new ordinary shares of £0.0025 each in the Company (“Ordinary Shares”).
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