Home Market Georgian oil firm floats ahead of ambitious production targets

Georgian oil firm floats ahead of ambitious production targets

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Oil and gas producer Block Energy is floating on Londons Alternative Investment Market (Aim) today.

The firm, which is seeking funds to fuel its ambitions of becoming the largest independent oil and gas producer in Georgia, has embarked on an Initial Public Offering (IPO) to raise £5m.

Block Energy, which has a total market value of £10.3m, is being backed by fund managers Miton Group and Amati Global.

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It hopes that the float will help boost production from 15 barrels of oil per day to 900 per day within 18 months, and eventually up to around 2,000 barrels per day.

The companys listing makes it the second oil and gas company to be admitted to the Aim this year.

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Paul Haywood, director of Block Energy, said: “We are delighted with the huge amount of interest in Block Energy and the backing of institutions including Amati Global and Miton in our £5 million oversubscribed placing.”

He added: “Georgia is a low-risk nation with underexploited oil and gas reserves.”

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