Annual Financial Report

Block Energy PLC

28 May 2024

 

28 May 2024

Block Energy Plc

("Block" or the "Company")

Posting of Annual Report and Notice of AGM

Block Energy plc, the development and production company focused on Georgia, confirms that it has today sent to shareholders the Annual Report for the year ended 31 December 2023 and notice of meeting for the Company's annual general meeting ("AGM").

The AGM will held at 11.00am on 20 June 2024 at 33 Cavendish Square, London, W1G 0PW.

A copy of the Annual Report and AGM Notice is available on http://www.blockenergy.co.uk/

**ENDS**

For further information please visit http://www.blockenergy.co.uk/ or contact:

Paul Haywood (Chief Executive Officer)	Block Energy plc	Tel: [phone]
Neil Baldwin (Nominated Adviser)	Spark Advisory Partners Limited	Tel: [phone]
Peter Krens (Corporate Broker)	Tennyson Securities	Tel: [phone]
Philip Dennis / Mark Antelme / Ali AlQahtani (Financial PR)	Celicourt Communications	Tel: [phone]

Notes to editors

Block Energy plc is an AIM quoted independent oil and gas production and development company with a strategic focus on unlocking the energy potential of Georgia. With interests in seven Production Sharing Contracts in central Georgia, covering an area of 4,256 km², including the XIB licence which has over 2.77TCF of 2C contingent gas resources, with an estimated Net Present Value ¹⁰ ("NPV") of USD 1.65 billion, in the Patardzueli-Samgori, Rustavi and Teleti fields. (Source: IER, OPC 2024 & Internal estimates).

The Company has structured its operations around a four-project strategy. These projects, characterized by development stage, hydrocarbon type, and reservoir, are pursued concurrently to achieve multiple objectives. This includes increasing existing production, redeveloping fields, discovering new oil and gas deposits, and capitalizing on the substantial, yet untapped, gas resource across its licences. The goal is to deliver on multi TCF gas assets, strategically well located for the key EU market, supported by partner funding and cash from existing producing assets.

Located near the Georgian capital of Tbilisi, Block Energy is well-positioned to contribute significantly to the region's energy landscape. This proximity facilitates seamless operations and underscores our commitment to the economic and energy development of Georgia.

 

END