Sunrise Resources PLC (LON:SRES) has booked a profit of £23,000 from the sale of its small stake in Georgia-based oil group Block Energy PLC (LON:BLOE).
The mining junior sold for an average price of 10.43p per share generating gross proceeds of £48,649, money that will be used on the CS Pozzolan-Perlite Project in Nevada.
Patrick Cheetham, Sunrise's executive chairman, said: "Whilst we see a bright future for Block Energy this disposal is in line with our strategy to sell or joint venture non-core assets as an alternative to raising money from the markets as we progress our CS Project towards production.”
Block Energy shares have risen four-fold in value since the start of 2019 following the success of a horizontal well at its West Rustavi prospect in Georgia.
The well flowed at 1,100 barrels per day, which was the best performance of a well in the country for fifty years according to the company.
Shares in Sunrise rose 6% to 0.09p.