Block Energy PLC
06 October 2026
6 October 2026
Block Energy plc
("Block" or the "Company")
New Website Launch Reflecting Block’s Expanded International Portfolio
Block Energy plc (AIM: BLOE), the international oil and gas company with assets in Georgia and interests offshore Gabon, is pleased to announce the launch of its new corporate website at www.blockenergy.co.uk. The new website reflects the significant evolution of Block’s business and provides shareholders and prospective investors with a clear view of the Company’s expanded portfolio, partner-funded growth strategy and current activities.
Block has materially broadened its opportunity set through the completed Project IV (XIQ) farm-out with Aspect Energy, the binding Framework Agreement with Zhijiang Sanning Energy Co. Ltd (“Sanning”) in respect of Project III, and its entry into offshore Gabon. These developments demonstrate Block’s strategy of identifying and technically advancing material opportunities, attracting credible industry partners and third-party capital, and retaining meaningful exposure to successful outcomes. Under the XIQ farm-out, Block is fully carried through a staged work programme with estimated gross expenditure of approximately US$95 million. The Sanning Framework Agreement provides for up to US$75 million of total carry for Project III, subject to definitive documentation, approvals and the agreed staged conditions.
Commenting, Paul Haywood, CEO of Block Energy, said:
“The new website reflects the transformation of Block over the past several years. We have evolved from a Georgian producer into a broader international oil and gas business with material opportunities across Georgia and offshore Gabon.
Our strategy is to identify and to develop high-potential assets, bring in credible industry partners and third-party capital, and retain meaningful exposure to the upside, and we have now executed a number of transactions to support it.
The Aspect transaction, the Sanning Framework Agreement and our entry into Gabon demonstrate that strategy in action. The new website gives shareholders and prospective investors a clear view of the scale of the portfolio and the opportunities we are working to unlock.”
ENDS
For further information please visit www.blockenergy.co.uk or contact:
|
Paul Haywood |
Block Energy plc |
Tel: +44 (0)20 3468 9891 |
|
Neil Baldwin |
Spark Advisory Partners Limited |
Tel: +44 (0)20 3368 3554 |
|
Peter Krens |
Tennyson Securities |
Tel: +44 (0)20 7186 9030 |
|
Mark Antelme / Philip Dennis / Kathleen Beams |
Celicourt Communications |
Tel: +44 (0)20 7770 6424 |
Notes to editors
Block Energy plc is an AIM-quoted independent international oil and gas company with production, development, appraisal and exploration assets in Georgia and interests offshore Gabon.
In Georgia, the Company holds interests in seven Production Sharing Contracts covering an area of 4,256 km² in the central part of the country. These include the XIB and XIF licences, which host Project III's 2.77 TCF of 2C gross contingent gas resources in the Patardzueli-Samgori, Rustavi and Teleti fields, together with 574 BCF of 2U gross prospective resources at South Dome. Project III has an estimated NPV10 of approximately US$2.2 billion (Source: IER, OPC 2024 and internal estimates).
In April 2026, the Company announced a strategic entry into offshore Gabon through a secured convertible loan to Pilgrim Exploration Limited, providing Block with a 76.5% indirect economic interest in the Ndjila (CD2) and Mpari (CD3) PSCs. The two licences cover 5,331 km² and contain four historical oil discoveries - Iguega, Topaz, Ekouata and Pilote - together with material pre- and post-salt exploration potential in an established Gulf of Guinea hydrocarbon fairway.
The Company’s strategy is to advance material resource opportunities through technical evaluation, partnerships and asset-level funding, while retaining meaningful exposure to successful outcomes. Its producing assets remain important to operating cash generation and the wider strategy.
Located near the Georgian capital of Tbilisi, Block Energy is well-positioned to contribute to the region's energy landscape. This proximity facilitates operations and underpins the Company's commitment to the economic and energy development of Georgia.
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