Block Energy (LON:BLOE) Shares Down 13.9% – Here’s Why

Shares of Block Energy Plc (LON:BLOE) fell 13.9% during trading on Thursday . The company traded as low as GBX 0.65 and last traded at GBX 0.65. 1,572,925 shares changed hands during mid-day trading, an increase of 134% from the average session volume of 672,249 shares. The stock had previously closed at GBX 0.75.

Block Energy Trading Down 14.7%

The business has a 50-day moving average price of GBX 0.75 and a 200-day moving average price of GBX 0.84. The company has a quick ratio of 0.71, a current ratio of 3.26 and a debt-to-equity ratio of 7.70. The firm has a market capitalization of £6.43 million, a P/E ratio of -3.99 and a beta of 0.27.

About Block Energy

Block Energy plc is an AIM quoted independent oil and gas production and development company with a strategic focus on unlocking the energy potential of Georgia. With interests in seven Production Sharing Contracts in central Georgia, covering an area of 4,256 km2, including the XIB licence which has over 2.77TCF of 2C contingent gas resources, with an estimated Net Present Value 10 (“NPV”) of USD 1.65 billion, in the Patardzueli-Samgori, Rustavi and Teleti fields. (Source: IER, OPC 2024 & Internal estimates).

The Company has structured its operations around a four-project strategy.