Block Energy PLC on Monday said it has received a non-binding farm-in offer from a large energy company with regard to the Patardzueli-Samgori oil and gas field near Tbilisi.
The Georgia-focused oil and gas company said the deal, struck after extensive technical and commercial engagement, includes a full carry of the Patardzueli-Samgori appraisal programme.
In addition to the appraisal carry, the offer includes an initial development carry covering the construction and hook-up of an early-production facility.
Block estimates the total gross cost of the proposed carry to be in the range of $25 million to $30 million.
The offer is subject to the negotiation of binding agreements as well as Georgian government approval.
‘While there is no certainty that a transaction will complete, the non-binding offer meets our core objectives: a full carry of the appraisal programme and early-stage development of Patardzueli-Samgori,’ commented Block Energy Chief Executive Paul Haywood.
Shares in Block Energy soared 31% to 0.85 pence each in London on Monday.
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