Block Energy has entered into a Memorandum of Understanding ("MoU") with the Ministry of Economy and Sustainable Development of Georgia (the "Ministry").

The MoU between Block and the Ministry covers government support and initiatives to assist in the development of Projects I, II, III and IV through data sharing, cooperation and the facilitation of meetings with national and regional large oil companies.

In particular, the MoU supports the concept of a long-term gas offtake agreement, which is an important part of delivering value associated with Project III and the 1 TCF contingent resource identified by Block's subsurface team and supported by internal contingent resource reports. The MoU also covers other areas of cooperation, including geothermal, carbon capture and storage, specifically the south dome project located within license XIB and hydrogen projects across Block's licence areas.

Commenting, Paul Haywood, Block Energy CEO said:
"This MoU reflects the strength of government support for the development of Block's assets, which will be helped by the sharing of data and other cooperation initiatives. In particular, the MoU supports the concept of a long-term gas offtake agreement, which is an important part of delivering value associated with Project III and the 1 TCF contingent resource identified."