Block Energy (LON:BLOE) Trading Down 8.1% – Here’s What Happened

Shares of Block Energy Plc (LON:BLOE) dropped 8.1% on Wednesday . The company traded as low as GBX 0.70 and last traded at GBX 0.74. Approximately 3,972,741 shares were traded during trading, an increase of 135% from the average daily volume of 1,688,076 shares. The stock had previously closed at GBX 0.80.

Block Energy Stock Performance

The business’s fifty day moving average price is GBX 0.77 and its 200-day moving average price is GBX 0.86. The company has a debt-to-equity ratio of 7.70, a current ratio of 3.26 and a quick ratio of 0.71. The stock has a market capitalization of £7.33 million, a PE ratio of -4.55 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.