logo-loader
viewSunrise Resources PLC

Sunrise Resources exits Block Energy after spectacular year for oiler

Money raised will be used on the CS Pozzolan-Perlite Project in Nevada

oil rig
Block Energy has performed spectacularly this year

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.

Quick facts: Sunrise Resources PLC

Price: 0.11 GBX

AIM:SRES
Market: AIM
Market Cap: £3.02 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Sunrise Resources PLC named herein, including the promotion by the Company of Sunrise Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Sunrise Resources' Patrick Cheetham details permitting developments at CS...

Sunrise Resources PLC's (LON:SRES) Patrick Cheetham tells Proactive London's Andrew Scott he believes they're on track to be fully permitted later in the fourth quarter of this year for their CS Pozzolan-Perlite project in Nevada, USA. Sunrise has told investors that following a meeting...

on 1/8/19

2 min read