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26 Feb 2019 | 14:56

Block Energy to acquire full ownership of Rustavi prospect in Georgia

Block Energy said it agreed with Georgian Oil and Gas to lift its holding in the Rustavi licence in Georgia to 100% from the current 25%.

The deal was split into three stages, with the first involving Block raising its working interest to 71.5% with an initial payment of $250k.

Additionally, within 30 days Block would pay a further $500k in cash, which would be applied by Georgian Oil and Gas to subscribe for new Block shares.

Stage two increased Block's interest to 90% for $250k, while stage three involved a payment of $500k, also to be used to subscribe for new Block shares.

At 2:56pm: (LON:BLOE) Block Energy Plc Ord Shs Gbp0.0025 share price was -0.1p at 3.8p

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