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LONDON - Block Energy (LON:BLOE) plc, a company engaged in the development and production of oil and gas in Georgia, has dispatched its Annual Report for the year ended December 31, 2024, to its shareholders, along with the notice for its upcoming Annual General Meeting (AGM). The AGM is slated to take place at 11:00 am on June 25, 2025, at 33 Cavendish Square, London.
The Annual Report and AGM Notice have been made available on the company’s website for public access. The announcement follows Block Energy’s strategic approach to harnessing Georgia’s energy potential, where it holds interests in seven Production Sharing Contracts across an area spanning 4,256 square kilometers. Among these is the XIB license, notable for its 2.77 trillion cubic feet (TCF) of 2C contingent gas resources, with an estimated Net Present Value (NPV) of USD 1.65 billion. These figures are grounded in evaluations by the IER, OPC 2024, and internal estimates.
Block Energy has organized its operations around a four-project strategy, which includes increasing existing production, redeveloping fields, exploring new oil and gas deposits, and tapping into the large gas resources within its licenses. The company’s projects are differentiated by development stage, hydrocarbon type, and reservoir characteristics, and are pursued with the objective of advancing multi TCF gas assets. These assets are strategically positioned for the European Union market and are supported by partner funding in addition to cash flow from existing producing assets.
Positioned near Tbilisi, the Georgian capital, Block Energy is strategically located to make a significant contribution to the regional energy sector. The company’s proximity to the capital enhances its operational efficiency and reaffirms its commitment to Georgia’s economic and energy development.
The information for this announcement is based on a press release statement and has been provided by RNS, the news service of the London Stock Exchange (LON:LSEG), which is authorized by the Financial Conduct Authority in the UK as a Primary Information Provider. Terms and conditions related to the use and distribution of this information may apply.
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