Block Energy Plc
BLOE.L
London Stock Exchange0.90
GBp
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Block Energy Plc
BLOE.L
(London Stock Exchange)
Recent
price
0.90
P/E
ratio
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div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Block Energy Plc (AIM: BLOE) is a London-headquartered independent oil and gas production and development company founded in 2005 that focuses on unlocking Georgia's energy potential through interests in seven Production Sharing Contracts covering 4,256 square kilometers in the Kura basin of central Georgia, including the prolific XIB licence which has produced over 180 million barrels of oil; the company pursues a four-project strategy encompassing oil and gas production, field redevelopment, gas appraisal, and exploration alongside carbon capture and storage initiatives. Core products and services include oil and gas production from Project I's West Rustavi/Krtsanisi Middle Eocene reservoirs via six successful wells, a dedicated production facility, and multiphase pipeline network monetizing gas through local networks; substantial oil redevelopment from Project II's Patardzeuli-Samgori Middle Eocene field holding gross 2C contingent resources of 235 million barrels; gas appraisal and development in Project III across Patardzeuli-Samgori, Rustavi, Teleti, and South Dome fields in Lower Eocene and Upper Cretaceous reservoirs with gross 2C contingent resources exceeding 2.77 trillion cubic feet and a net present value surpassing $1.65 billion; exploration in Project IV targeting prospects like Martkopi Terrace in the XIQ licence with gross mean unrisked recoverable resources of 267.2 million barrels of oil and 213.4 billion cubic feet of gas; and carbon capture and storage in Patardzeuli-Samgori Middle Eocene with capacity for up to 256 million tonnes of CO2. Operations target Georgia's domestic gas demand and export potential via the nearby South Caucasus Pipeline, serving industrial emitters, power stations, and refineries while generating revenue from crude oil sales averaging 485 barrels of oil equivalent per day in 2024. Recent developments include the successful completion of a £1.5 million equity fundraising in November 2025 at 0.7 pence per share to support growth initiatives and farm-outs; acquisition of a 10% participating interest in the XIQ licence in March 2025 with an option to increase to 22%; advancements in Project III and IV farm-out processes with multiple third parties and governmental support; a Memorandum of Understanding with JSC Rustavi Azot (Indorama Corporation) for CCS pilot studies featuring successful Phase 2 laboratory results, water injection tests, and planned 2025 CO2 injection; updated independent engineering reports confirming Project III resources; extension of a $2.0 million senior secured loan facility to February 2026; and positive cashflow with production increases to 483 barrels of oil equivalent per day in H1 2025 interim results.