|
Block Energy PLC on Monday said it has received a non-binding farm-in offer from a large energy company with regard to the Patardzueli-Samgori oil and gas field near Tbilisi. The Georgia-focused oil and gas company said the deal, struck after extensive technical and commercial engagement, includes a full carry of the Patardzueli-Samgori appraisal programme. In addition to the appraisal carry, the offer includes an initial development carry covering the construction and hook-up of an early-production facility. Block estimates the total gross cost of the proposed carry to be in the range of $25 million to $30 million. The offer is subject to the negotiation of binding agreements as well as Georgian government approval. ‘While there is no certainty that a transaction will complete, the non-binding offer meets our core objectives: a full carry of the appraisal programme and early-stage development of Patardzueli-Samgori,’ commented Block Energy Chief Executive Paul Haywood. Shares in Block Energy soared 31% to 0.85 pence each in London on Monday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
