Mayan holds an investment of £300,000 in Block; the investment was made in June 2017 by way of a £90,000 of equity stake acquired at £0.0085 per share and a £210,000 Secured Convertible loan to Block with a flat 10% coupon. The loan note converts at a 10% discount to any price at which Block shares are listed or admitted on any stock exchange other than NEX.

Block is an energy and production company focussed on the exploitation of previously discovered fields in the Georgian Caucuses, which are primed for western technology and enhanced production techniques. Block is currently pursuing a listing on the AIM of the London Stock exchange, which is now scheduled for Q1 2018.

Block has two main interests in Georgia, 100% WI in the Norio field and a 90% WI in the Satskhenisi Fields, which have a combined 1.6MMbbls of 2P (P50) oil reserves and 35 MMbbls (2C) contingent oil resources. It also has an agreement to Earn-in for a 75% interest in the West Rustavi Block Xlf Permit, one of the largest blocks in the Georgia hosting over 4,700 square kilometres of prime acreage and home to multiple discoveries. It currently has 0.9 MMbbls 2P oil reserves, a 38 MMbbls (2C) contingent oil resource and a 608 Bcf (2C) contingent gas resource. The assets are contiguous to Schlumberger who have built a significant land position and are actively developing oil fields in country.

Block energy has existing production, proven reserves, large scale development and appraisal opportunities. It has a multi well programme targeting large scale gas appraisal/development of its assets. It currently has a current US$26.9m NPV10 assigned to 2P oil reserves with significant scalability including an additional US$8.1m on imminent farm in on West Rustavi. The management team has significant regional and Georgian specific experience and its major shareholder is an established operator and drilling service provider in Georgia.