Source - Alliance News

Block Energy PLC - exploration and production company focused on Georgia - In the third quarter to September 30, average output declines to 630 barrels of oil equivalent per day from 664 boepd in the second quarter. Notes third successful project 1 well, with WR-34Z placed on production at 150 boepd.

Chief Executive Officer Paul Haywood says: ‘The third quarter of the year saw continued progress from the company. Block’s third consecutive well continues to add confidence to our project I drilling strategy, whilst positioning the company to pursue the higher impact opportunities throughout our portfolio, such as those defined within project III and now being audited by RISC [Advisory]. Focus now shifts to the spud of our fourth well under this programme, KRT-45Z whilst we continue to advance our high impact strategy across project III. I look forward to providing further updates on this activity soon.’

Current stock price: 0.97 pence, down 10% on Thursday

12-month change: down 57%

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