Tiger Resource sells off Block Energy shares
Tiger Resource said on Wednesday that it has sold off 625,000 shares in Block Energy, realising net proceeds of just over £64,000 which will be used as general working capital and to target new investments in the natural resource sector.
For the period to the end of December 2018, Block Energy reported a net loss on ordinary activities before tax of £582,000. It had net assets of £6.35m at that time.
Block Energy is an AIM-listed revenue generative junior oil and gas company aiming to capitalise on first mover advantage to build on its oil producing assets with a target to become one of the largest independent oil producer in Georgia.
Tiger said it has not received any dividend income from the business.
At 1505 BST, the shares were down 45% to 0.11p.