Block Energy

What Block Energy does

Block Energy is an AIM-listed independent oil and gas exploration and production company headquartered in London, with primary operations in Georgia through its 100%-owned subsidiary Block Operating Company (BOC) and a newly acquired offshore position in Gabon. The company holds interests in seven Production Sharing Contracts in central Georgia covering 4,256 km2, including XIB — the country's most prolific licence, which has produced more than 180 MMbbl of oil. Its portfolio is organised into four concurrent projects: Project I (West Rustavi/Krtsanisi Middle Eocene oil development, 19.5 MMbbl 2C), Project II (Patardzeuli/Samgori Middle Eocene oil re-development, 235 MMbbl 2C), Project III (Lower Eocene and Upper Cretaceous gas monetisation with over 1 TCF 2C and NPV exceeding $500m), and Project IV (exploration including the Martkopi Terrace with 588.7 MMboe of mean unrisked prospective resources). A CCS opportunity at the Patardzeuli-Samgori reservoir — the first CO2 mineralisation pilot completed in Eastern Europe — adds a separate 256 Mt storage-scale carbon-capture product line.

The company generates revenue through direct sales of oil and gas to local Georgian buyers, with oil priced on Brent-linked contracts and gas tied to Georgian gas import prices. Capital is sourced through a farm-out model in which international E&P partners (Aspect Georgia, Zhijiang Sanning Energy, Pilgrim Exploration) provide carried funding in exchange for partial interests, while Block retains operatorship. Approximately US$170 million in combined carried funding has been secured across Georgian operations. Recent equity raises (a $6.3M placing/retail offer in April 2025 to fund Gabon, a £1.5M equity raise in November 2025) supplement this with smaller working-capital injections.

Technically, Block Energy applies 3D seismic acquisition and interpretation with ant-tracking fracture mapping, directional and horizontal drilling, hydraulic fracturing, and directional slim-hole drilling — the last deployed in September 2025 with a target of reducing costs by up to 40%. The CO2 mineralisation process injects CO2 dissolved in water that mineralises into stable carbonate minerals within 1-3 months, a materially faster pathway than traditional sedimentary CCS. Operations are supported by a small core management team of three executive directors plus technical and commercial staff.

Name

Block Energy

Legal name

Block Energy plc

Website

https://blockenergy.co.uk

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Block Energy is an AIM-listed independent oil and gas company that explores, develops and produces hydrocarbons from seven Georgian Production Sharing Contracts covering 4,256 km2, with a newly acquired 76.5% interest in offshore Gabon PSCs and a first-of-kind CO2 mineralisation CCS pilot.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Oil Sales: Block Energy sells oil to local Georgian buyers on Brent-linked contracts. In 2025, the company reported revenue of US$6.1 million with lower Brent crude prices weighing on profitability.
2. Gas Sales: Gas sales to local Georgian buyers on Georgian gas import price-linked contracts. Georgia imported 99.7% of its natural gas in 2020, creating strong domestic demand.
3. Farm-out Carried Funding: The company completes farm-out agreements with partners who provide carried funding for exploration and development. In 2025, major farm-out agreements with Aspect Georgia and Sanning secured approximately US$170 million in combined carried funding for Georgian operations.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Block Energy is an AIM-listed independent energy company engaged in onshore oil and gas exploration, development, and production primarily in central Georgia (4,256 km2 across seven Production Sharing Contracts), with a new offshore growth position in Gabon. The company operates four concurrent projects (Project I-IV) targeting oil, gas monetisation and exploration, plus a Carbon Capture and Storage (CCS) opportunity using proprietary CO2 mineralisation technology. Revenue is generated through direct sales of crude oil (Brent-linked) and natural gas (Georgian gas import price-linked) to local Georgian enterprise buyers, supported by farm-out partnerships.

Product overview

Block Energy is an AIM-listed independent energy company offering a portfolio of oil and gas production, development, and exploration projects in Georgia plus a new offshore growth position in Gabon. The company operates four main projects: Project I (West Rustavi/Krtsanisi oil development) and Project II (Patardzeuli/Samgori oil re-development) for oil production, Project III for gas monetisation, and Project IV for exploration potential. Additionally, the company has developed a Carbon Capture and Storage (CCS) opportunity within Block XIB and acquired a 76.5% indirect interest in offshore Gabon PSCs. The company provides technical services including 3D seismic interpretation and slim-hole drilling technology. Operations are conducted through 100%-owned subsidiary Block Operating Company (BOC).

Differentiator

Problem solved

Functional benefit

Brands

• Block Operating Company (BOC): 100%-owned subsidiary responsible for all Georgian oil and gas operations including drilling, production, workovers and subsurface activities
• Project I
• Project II
• Project III
• Project IV

Products and services

• Project I - West Rustavi/Krtsanisi Oil Oil development project focused on the Middle Eocene reservoir of the West Rustavi/Krtsanisi field in central Georgia. Phase 1 is a five-well programme targeting the first of eight development areas, audited by ERCE with gross 3P reserves of 3.01 MMbbl and full field internal 2C contingent resources of 19.5 MMbbl. Production is sold to local Georgian buyers on Brent-linked contracts.
• Project II - Patardzeuli/Samgori Oil

Quantifiable outcome

• 2.77 TCF 2C Contingent Resources with NPV exceeding $500m (Project III)
• +6 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• Pilgrim Exploration LimitedcoreStrategic or Co-development Partner · 28 April 2026Block Energy entered into a conditional agreement with Pilgrim Exploration to acquire a 76.5% indirect economic interest in the Ndjila and Mpari production sharing contracts offshore Gabon. Pilgrim operates the licences with Block providing technical and commercial support.
• Zhijiang Sanning Energy Co. LtdcoreStrategic or Co-development Partner · 1 April 2026Binding Framework Agreement for farm-out of Project III. Sanning to acquire 51% of Project III with Block holding 49% and retaining operatorship. Up to $75m carry comprising appraisal drilling and early facilities construction. Sanning is upstream affiliate of Hubei Sanning Chemical Industry Co. Ltd.
• Zhijiang Sanning Energy (China's Zhijiang Sanning Energy)coreStrategic or Co-development Partner · 1 April 2026Farm-out agreement signed with China's Zhijiang Sanning Energy for Georgia oil and gas project as part of Project III gas monetisation strategy.
• Aspect GeorgiacoreStrategic or Co-development Partner · 1 January 2025Major farm-out agreement with Aspect Georgia securing approximately US$170 million in combined carried funding with Sanning for Georgian operations.
• Rustavi Azot (Indorama Corporation subsidiary)coreStrategic or Co-development Partner · 1 January 2024MoU with JSC Rustavi Azot, a Georgian subsidiary of Indorama Corporation (one of Asia's leading chemical companies), to develop the CCS opportunity in Patardzeuli-Samgori Middle Eocene reservoir. Rustavi Azot supplied CO2 for the pilot injection - 13.6 tonnes of liquid CO2 injected with 300m3 of water.
• Georgia Oil and Gas LimitedmajorStrategic or Co-development PartnerPartnership with Georgia Oil and Gas Limited, a leading Caucasian hydrocarbons producer, for integration into Georgia's energy network and support for ongoing exploration and production.
• Ministry of Economy and Sustainable Development of GeorgiamajorStrategic or Co-development PartnerMemorandum of Understanding with the Ministry supporting ongoing exploration and production and work towards a long-term gas offtake agreement.
• LAB Energy AdvisorsminorImplementation/ SI/ Consulting PartnerAppointed LAB Energy Advisors, a leading independent energy advisory company, to lead the farm-out process for Project III targeting development of a gas resource in Georgia.
• CNPC (China National Petroleum Corporation)minorStrategic or Co-development PartnerCNPC drilling operations in Western Georgia with Block CEO meeting senior management from CNPC's drilling site in December 2023.
• Tbilisi Technical UniversityminorStrategic or Co-development PartnerPartnership with Tbilisi Technical University as part of Block Operating Company's community engagement and local development initiatives in Georgia.

Scale indicators10 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Tullow Oil plc: Mid-cap London-listed E&P focused on African offshore oil production. Operating in Gabon and West African offshore provinces provides direct regional and operational comparability to Block's new Gabon entry, though at a much larger scale with established production base.
• EnQuest plc: UK-listed mid-cap E&P focused on North Sea oil and gas production and redevelopment of mature fields. Comparable redevelopment-focused model (Project II mirrors EnQuest's approach to mature North Sea fields) and similar farm-out/partner capital approach.

Regional players

• State Oil Company of Azerbaijan Republic (SOCAR): Azerbaijan's state-owned national oil and gas company operating in the broader Caucasus region. Geographic and infrastructure proximity (BTC pipeline and South Caucasus pipeline traverse Block's Georgian acreage) makes SOCAR the dominant regional player with direct bearing on export route access.

Direct peers

• Tower Resources plc: AIM-listed small-cap E&P company with a focus on African exploration assets (Cameroon, South Africa). Non-Executive Director Jeremy Asher is Chairman & CEO of Tower Resources, providing direct board-level comparability. Similar micro-cap frontier E&P model.
• Pantheon Resources: AIM-listed small-cap E&P focused on development-stage assets on Alaska's North Slope. Similar micro-cap profile with material contingent resource base, partner-funded development model, and dependence on individual project milestones for value re-rating.
• Synergia Energy: AIM-listed small-cap E&P company with similar operational profile. CEO Paul Haywood also serves as Non-Executive Director at Synergia, indicating close strategic alignment. Both target development-stage oil and gas assets with similar scale and capital structure.
• Caspian Sunrise plc: AIM-listed small-cap E&P operating primarily in Kazakhstan. Operates in former Soviet Union geography with similar regulatory dynamics to Georgia, pursues farm-out model with international partners, and shares comparable scale and frontier development profile.
• 44.01: Oman-based carbon mineralisation company that mineralises CO2 into stable carbonate rock within months using peridotite formations. Most direct technology comparable to Block Energy's CO2 mineralisation CCS approach at Patardzeuli-Samgori, both targeting permanent geological storage of CO2.
• Georgia Oil and Gas Limited: A leading Caucasian hydrocarbons producer that is Block Energy's JV partner (50% interest in South Samgori licence). Operates in the same Georgian basin with overlapping acreage and direct integration into Georgia's energy network, making it the closest operational peer.

Emerging players

• CarbFix: Iceland-based CCS technology company that pioneered CO2 mineralisation in basalt formations, achieving similar rapid mineralisation timelines as Block Energy's Patardzeuli-Samgori pilot. Closest pure-play CO2 mineralisation competitor with proven commercial-scale operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/BlockEnergyplc
• YouTubevimeo.com/blockenergy
• LinkedInlinkedin.com/company/10428391

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Block Energy