Block Energy plc has entered the offshore Gabon oil sector through a convertible loan agreement with Pilgrim Exploration Limited, acquiring a 76.5% indirect economic interest in the Ndjila and Mpari Production Sharing Contracts. The offshore blocks cover approximately 5,331 square kilometers and include four historical oil discoveries, with potential for further exploration. The company raised approximately US$6.3 million to support initial technical work and plans to launch its Gabon technical program in 2026.
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