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DJ Block Energy Plc Completion of Sale of Ghanaian Assets for US$600,000

 
TIDMBLOK 
 
27 February 2018 
 
                               Block Energy plc 
 
                       ("Block Energy" or the "Company") 
 
             Completion of Sale of Ghanaian Assets for US$600,000 
 
Block Energy, the exploration and production company focused on the Republic of 
Georgia, is pleased to announce the completion of the sale of the entire issued 
and to be issued share capital of Antubia Resources Limited ('Antubia') for 
US$600,000 in cash ('the Sale').  Antubia holds the Asheba Gold concession in 
Kedadwen, Ghana.  The Sale is in line with the Company's strategy to focus on 
its portfolio of low cost / high impact oil and gas development assets in the 
prolific Kura basin, which at its peak produced approximately 70,000bopd in the 
Republic of Georgia and is estimated to hold over 7 billion barrels of proven 
reserves in Azerbaijan and North Caucasus (Russia). 
 
As announced on 12 September 2017, the Sale follows the signing of a Sale and 
Purchase Agreement with Star Goldfields Limited, a private Ghanaian mining 
company wholly owned by HODA Holdings, a Ghanaian conglomerate.  The proceeds 
of the Sale will be invested in the development of the Company's assets in 
Georgia, all of which are proven fields that are either currently producing or 
have historically produced and which have significant development potential. 
 
Paul Haywood, Director of Block Energy, said, "Following the sale of Antubia, 
Block Energy is an asset backed, revenue generative junior oil and gas company 
focused on the Republic of Georgia: asset-backed as demonstrated by a recent 
CPR which estimated our assets hold net proven oil reserves of 1.5 million 
barrels and 2C contingent resources of 60m barrels of oil and 450BCF of gas; 
and revenue generative thanks to our existing low cost production of 20-30bopd 
which covers our operating expenses at the field level.  Georgia is a proven 
but underdeveloped oil producing nation and, following our planned Admission to 
AIM, we intend to capitalise on our first mover advantage to build Block Energy 
into the largest independent producer in the country." 
 
The Directors of the Issuer accept responsibility for this announcement. 
 
For further information contact: 
 
Block Energy plc  Executive 
Director                          Tel:  020 3053 3631 
Paul Haywood                      Paul @blockenergy.co.uk 
 
Peterhouse Corporate Finance      Tel +44 020 7469 0930 
 
Guy Miller / Mark Anwyl 
 
 
 
END 
 

(END) Dow Jones Newswires

February 27, 2018 04:50 ET (09:50 GMT)