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Block Energy takes full control of West Rustavi asset in Georgia

Published: 09:00 15 Jul 2019 BST

Oil workers
Recent sidetrack at West Rustavi was among best wells drilled in Georgia

Block Energy PLC (LON:BLOE) has raised its stake in the West Rustavi field in Georgia to 100% from 71.5%.

The Aim-listed company paid Georgia Oil and Gas US$750,000 in cash and shares for the additional interest in a deal that was flagged in February.

West Rustavi has an estimated 900,000 barrels of 2P oil reserves and 38mln barrels of resources (2C).

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