Proactive Investors - Run By Investors For Investors

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.

View full SRES profile View Profile

Sunrise Resources PLC Timeline

Related Articles

Mining pic
June 18 2019
A resource estimate dated November 26 last year showed a higher confidence indicated resource of 11.7 million tonnes, containing 1.8 billion pounds of zinc
A map of the company’s ground in the Eastern Goldfields subregion of WA
February 13 2019
The company holds ground in the Eastern Goldfields picked up from Saracen and Newmont.
March 29 2019
The cash flow provides ballast against dilution, allowing the company carefully to consider each new opportunity on its merits

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use