Business
Half-year Report
Block Energy Plc announced its interim results for the six months ended June 30, 2025, reporting a loss of $639,000, a shift from the $2,000 profit in the first half of 2024. EBITDA decreased to $81,000 from $645,000 in the prior year. Revenue was $3.38 million compared to $3.69 million in the first half of 2024. Oil sales reached 49.9 Mbbls, generating $3.02 million in revenue at an average price of $60.5 per barrel, while gas sales were 82.2 MMcf with revenue of $0.36 million at $4.4/Mcf. The company's cash position stood at $845,000, down from $1,136,000 at the end of 2024. Loss per share was (0.08) cents compared to a profit of 0.0003 cents in the prior year. Disclaimer*
About this update from Block Energy Plc
[{"type":"text","content":"\n\n24 September 2025\n \nBlock Energy Plc\n(\"Block\" or the \"Company\")\nInterim Results for the Six Months Ended 30 June 2025\nBlock Energy plc, the development and production company focused on Georgia, is pleased to announce the interim results for Block Energy plc and its subsidiaries (the \"Group\") for the six months ended 30 June 2025.\nHighlights:\n· Operational man-hours worked of 136,065 (1H 2024: 144,072 man-hours) with zero lost time incidents (1H 2024: One).\n· Net cashflow remained operationally positive throughout the period.\n· The Group recorded a loss for the period of $639,000 (1H 2024: profit of $2,000) and EBITDA of $81,000 (1H 2024: $645,000). The result reflects the fall in oil prices in the period together with reduced oil inventory levels at period end of $498,000 (1H 2024: $23,000), which increased cost of sales.\n· Further reductions in G&A spending to $1,010,000 (1H 2024: $1,372,000) demonstrating effective cost control despite ongoing work on strategic projects.\n· Production remained stable, with total production of 87.5 Mboe comprising 66.4 Mbbls of oil and 21.1 Mboe of gas (1H 2024: 82.8 Mboe, comprising 61.3 Mbbls of oil and 21.5 Mboe of gas).\no Average daily production of 483 boepd (1H 2024: 455 boepd).\n· Oil sales of 49.9 Mbbls with revenue of $3.02 million, representing a weighted average price of $60.5 per barrel (1H 2024: Oil sales of 46.6 Mbbls with revenue of $3.3 million, representing a weighted average price of $71 per barrel). Declines in realised prices were caused by a reduction in the Brent benchmark price.\n· Gas sales of 82.2 MMcf with revenue of $0.36 million, representing a weighted average price of $4.4/Mcf (1H 2024: 93.5 MMcf with revenue of $0.38 million, representing a weighted average price of $4.1/Mcf).\n· Oil in inventory net to the Company at the end of the period was 8.27 Mbbls (1H 2024: 12.1 Mbbls).\n· Cash position of $845,000 as at 30 June 2025 (31 December 2024: $1,136,000).\nGood progress was made in advancing the strategic projects in the first half:\no Acquired the operational rights to Samgori South Dome at Lower Eocene and Upper Cretaceous intervals for nil cost through its incorporation into XIB. This acquisition added ...