Block Energy PLC - Georgia-focused oil and gas exploration and production company - Completes farm-out agreement of part of licence XIB with Georgia Oil & Gas Ltd. Block Energy now holds a 50% interest in the new Didi Lilo and South Samgori areas of XIB. Adds that Georgia Oil & Gas have completed the seismic activities agreed under the farm-out agreement.

Chief Executive Paul Haywood says: ‘We are pleased to have completed the previously announced farm-out of part of XIB to GOG and to see the seismic obligation fulfilled. We look forward to working on the seismic interpretation and progressing the project toward an industry farm-out.’

Current stock price: 1.05 pence, up 11% on Thursday afternoon in London

12-month change: down 13%

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