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

Block Energy Plc (LON:BLOE)’s share price fell 8.1% during mid-day trading on Wednesday . The company traded as low as GBX 0.70 and last traded at GBX 0.74. 3,972,741 shares traded hands during trading, an increase of 135% from the average session volume of 1,688,076 shares. The stock had previously closed at GBX 0.80.

Block Energy Stock Down 10.0%

The firm’s 50 day simple moving average is GBX 0.77 and its 200 day simple moving average is GBX 0.85. The company has a market cap of £7.23 million, a price-to-earnings ratio of -4.49 and a beta of 0.27. The company has a quick ratio of 0.71, a current ratio of 3.26 and a debt-to-equity ratio of 7.70.

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.