By Michael Susin
Block Energy PLC said on Tuesday that fourth quarter revenue increased from the previous quarter as it sold more oil at higher prices.
The Georgia-focused energy company said revenue for the quarter ended Dec.31 increased to $ 2.6 million, from $ 901,000 in the third quarter.
During the quarter, the London-listed company sold 33,600 barrels of oil versus 11,200 barrels for the third quarter, for $ 2.4 million and $ 742,000, respectively. The average price was $ 73 per barrel compared to $ 66 in the third quarter.
The company also said that drilling the JKT-01Z well in Georgia reached the target depth of 2,565 meters (8,415 feet) and that considerable mud loss was encountered, suggesting that the well intersected several open fractures, an encouraging first sign.
Significant mud loss was also observed in the WR-B1 well, indicating that the initial geological targets had been met, the company said.
“Strong sales, stable production, and the ability to take advantage of improved selling prices during the quarter, combined with the encouraging first signs from JKT-01Z, strengthen the confidence of the board of directors in the company’s ability to improve its performance as we look to the year ahead. “said Managing Director Paul Haywood.
Shares at 09:00 GMT were up 0.08 pence, or 6.8%, to 1.18 pence.
Write to Michael Susin at [email protected]