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Block Energy targeting 1500 barrels a day by end of 2019 as Georgia exceeds all expectations

Paul Haywood, chief executive of Block Energy PLC (LON:BLOE), chats to Proactive London's Andrew Scott after closing the bookbuild for their new placing.

Block launched a £12mln equity raise to fund an accelerated growth strategy in the Republic of Georgia.

The cash injection will pay for the drilling of up to four new horizontal sidetrack wells to scale up production, the expansion of production facilities to provide capacity for 4,000 to 5,000 barrels of oil per day, and the acquisition of 3D seismic data.

Quick facts: Block Energy PLC

Price: 5 GBX

AIM:BLOE
Market: AIM
Market Cap: £19.68 m
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