Block Energy (AIM:BLOE), in its annual results statement, said its focus is on execution after its XIQ farm-out deal to Aspect (completed in January) delivered the small-cap in a carried position through a staged work programme, worth some US$95 million.
The junior oil and gas company reported revenue of US$6.057 million for the year ended 31 December 2025 (2024: US$7.533 million), EBITDA of negative US$0.94 million (2024: positive US$1.06 million), production of 122,474 barrels of crude oil and 245 MMCF of gas (average 447 boepd), and cash of US$1.493 million at year end (2024: US$1.136 million).
"Our focus in 2026 is execution: converting partnerships, assets and technical milestones into visible operational progress and shareholder value," said Paul Haywood, Chief Executive Officer.
Block also noted it had secured a binding Framework Agreement on Project III with Zhijiang Sanning Energy providing for a 51% farm-out and up to US$75 million in carry, reduced its XIQ participating interest to 9.5%, and reported successful CCS pilot injection with complete mineralisation confirmed.
Post year-end, the group entered offshore Gabon via a secured convertible loan to Pilgrim Exploration, giving a 76.5% indirect economic interest in the Ndjila and Mpari PSCs, and management said definitive documentation for Sanning is targeted in the second half of 2026, with Project III operations expected to commence in the first half of 2027.
