Proactive Investors - Block Energy PLC (LON:BLOE) shares started Tuesday’s trading on the front foot, rising over 20% in early deals, after it announced the signing of a memorandum of Understanding (MoU) with the government of Georgia.
The company, in a statement, said the agreement covers government support and initiatives to assist in the development of projects through data sharing, cooperation and the facilitation of meetings with national and regional large oil companies.
"This MoU reflects the strength of government support for the development of Block's assets, which will be helped by the sharing of data and other cooperation initiatives,” said Block chief executive Paul Haywood.
“In particular, the MoU supports the concept of a long-term gas offtake agreement, which is an important part of delivering value associated with Project III and the 1 TCF contingent resource identified," he added.
In London, Block shares were up 19.7% after nearly an hour of dealing, changing hands at 1.74p each, valuing the company at around £12mln.