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19 Nov 2018 | 09:34

Block Energy confirms ExxonMobil's entry in Georgia

Block Energy, an exploration and production company, announced Monday ExxonMobil was set to carry out a comprehensive review of western Georgia's hydrocarbon resource base and potential.

Exxon had agreed to build an integrated database of west Georgia's hydrocarbon potential based on the examination of historic geological and geophysical data provided by the LEPL State Agency for Oil and Gas of the Ministry of Economy and Sustainable Development of Georgia, Block Energy said.

The announcement comes after the company signed an agreement with oil and gas authorities in Georgia.

Block said it believed the agreement highlighted the growing interest among major oil and gas operators in Georgia's hydrocarbon resources. 'Thanks to our positioning and excellent relationships in Georgia, we have already secured a high-quality asset base, which includes multiple low risk development opportunities as well as a huge gas discovery that we estimate is potentially worth US$600 million to Block,' said Block Energy Chief Executive Officer Paul Haywood. 'Having raised £5 million at the time of our IPO in June this year, we are well placed to play our part in realising the potential of Georgia's energy industry. Work is already underway at Norio to increase production to 150 bopd by Q1 2019, and we will drill sidetracks and test the gas discovery at West Rustavi shortly. With so much activity on the near horizon we look forward to a high-impact newsflow over the coming months.'

At 9:34am: (LON:BLOE) Block Energy Plc Ord Shs Gbp0.0025 share price was -0.2p at 2.55p

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