Block Energy PLC on Thursday said growth in production and improved oil pricing led its annual double-digit revenue growth.

Shares were up 18% at 1.47 pence each in London on Thursday morning.

Block Energy is a London-based oil and gas exploration and production company which operates the West Rustavi, Norio and Satshenisi oil fields in Georgia.

Annual revenue was up 36% to $8.3 million from $6.1 million a year prior. This was driven by a growth in average production of 5% to 450 barrels of oil equivalent per day, and improved oil pricing.

Pretax loss narrowed in 2022 to $1.6m from $4.8 million in 2021. Total administrative expenses were $4.1 million, 16% lower than $4.9 million a year ago.

Block Energy declared no dividend for 2022, unchanged from the previous year.

Looking ahead, Block Energy said it remains focused on accelerating its three-part project in Georgia.

Chief Executive Officer Paul Haywood said: ‘Our plan is clear, the strategy is working, and the team is energised to execute operationally and strategically. As we enter our next drilling phase, the company has never been in a more exciting position’.

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