- Exploration and production company Block Energy said it had completed the acquisition of Schlumberger Rustaveli Company.

Following the completion of the acquisition, Block now held licences for Georgian onshore blocks IX and XIB.

The acquisition represented a 'truly transformational deal for Block, that enhances our current production, increases our acreage 30-fold and adds exciting new development opportunities,' the company said.

Block said it would now begin the integration process and implement a cost reduction plan to ensure the new assets are operated efficiently.

At 9:44am: [LON:BLOE] Block Energy Plc Ord Shs Gbp0.0025 share price was 0p at 3.05p

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