Block Energy PLC has announced that it will list on the AIM market after previously trading on the NEX exchange.
The oiler, whose operations are primarily focused in the Republic of Georgia, said in a statement that it will admit around 233mln shares for trading on the AIM, with an issue price of 4p per share.
READ: Goldcrest Resources completes “transformational” acquisition of Georgian oil and gas assets
The group is aiming to raise around £4mln from the admission, with an anticipated market cap of around £9.3mln.
Block Energy has interests in three production sharing agreements (PSAs) in Georgia: Norio and Satskhenisi that are producing oil totalling around 15 barrels of oil per day (bopd), and at West Rustavi, in which it holds a 5% working interest with an option to increase it to 75%.