Block Energy announces the completion of the sale of the entire issued and to be issued share capital of Antubia Resources Limited ('Antubia') for US$600,000 in cash ('the Sale').  Antubia holds the Asheba Gold concession in Kedadwen, Ghana. The Sale is in line with the Company's strategy to focus on its portfolio of low cost / high impact oil and gas development assets in the prolific Kura basin, which at its peak produced approximately 70,000bopd in the Republic of Georgia and is estimated to hold over 7 billion barrels of proven reserves in Azerbaijan and North Caucasus (Russia). 
 
The Sale follows the signing of a Sale and Purchase Agreement with Star Goldfields Limited, a private Ghanaian mining company wholly owned by HODA Holdings, a Ghanaian conglomerate. The proceeds of the Sale will be invested in the development of the Company's assets in Georgia, all of which are proven fields that are either currently producing or have historically produced and which have significant development potential. 
 
Paul Haywood, Director of Block Energy, said, 
"Following the sale of Antubia, Block Energy is an asset backed, revenue generative junior oil and gas company focused on the Republic of Georgia: asset-backed as demonstrated by a recent CPR which estimated our assets hold net proven oil reserves of 1.5 million barrels and 2C contingent resources of 60m barrels of oil and 450BCF of gas; and revenue generative thanks to our existing low cost production of 20-30bo which covers our operating expenses at the field level. Georgia is a proven but underdeveloped oil producing nation and, following our planned Admission to AIM, we intend to capitalise on our first mover advantage to build Block Energy into the largest independent producer in the country."