Financial Wire

Block Energy Executes Binding Framework Deal to Farm-Out Project III in Georgia

-- Block Energy (BLOE.L) said Tuesday that it has executed a binding framework deal with China-based Zhijiang Sanning Energy Co. for the farm-out of Project III in Georgia.

The UK-listed oil and gas company noted that the deal includes a $75 million carry comprising appraisal drilling and early construction for the project.

Under the deal, subject to conditions, Block will retain a 49% stake and operatorship during the appraisal phase of Project III while retaining 100% ownership in Projects I, II, and IV.

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