Exercise of Options

RNS Number : 6723H

Block Energy PLC

07 December 2020

 

7 December 2020

Block Energy plc

("Block Energy", "Block" or the "Company")

Exercise of Options

Block Energy Plc, the exploration and production company focused on Georgia, announces that an employee has exercised nil-cost options to acquire 65,415 ordinary shares of 0.25 pence each.

The exercise will be satisfied using existing shares held in the Block Energy plc Employee Benefit Trust ("EBT"). Following the exercise of these options, the remaining number of shares held by the EBT will be 37,972,141, representing 8.66 per cent of the current total issued share capital.

The Company's total issued share capital at the date of this announcement therefore remains unchanged at 438,542,093 ordinary shares with one voting right each. As the Company does not hold any shares in treasury, this is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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)	Mirabaud Securities Limited	Tel: [phone]
Billy Clegg / Owen Roberts / Violet Wilson (Financial PR)	Camarco	Tel: [phone]

Notes to editors

Block Energy plc is an AIM-listed independent oil and gas company focused on production and development in Georgia, applying innovative technology to realise the full potential of previously discovered fields.

Block has a 100% working interest in Georgian onshore licence blocks IX and XI^B. Licence block XI^B is Georgia's most productive block, with 2P oil and gas reserves of 64 million boe and historic production of over 180 MMbbls of oil from the Middle Eocene, peaking in the mid-1980s at 67,000 bopd.

The Company has a 100% working interest in the highly prospective West Rustavi onshore oil and gas field with multiple wells that have tested oil and gas from a range of geological horizons. The field has so far produced 50 Mbbls of light sweet crude and has 0.9 MMbbls of gross 2P oil reserves in the Middle Eocene. It also has 38 MMbbls of gross unrisked 2C contingent resources of oil and 608 BCF of gross unrisked 2C contingent resources of gas in the Middle, Upper and Lower Eocene formations (Source: CPR Gustavson Associates: 1 January 2018).

Block also holds 100% and 90% working interests respectively in the onshore oil producing Norio and Satskhenisi fields.

The Company offers a clear entry point for investors to gain exposure to Georgia's growing economy and the strong regional demand for oil and gas.

Glossary

1.  bbls: barrels. A barrel is 35 imperial gallons.

2.  boe: barrels of oil equivalent.

3.  bopd: barrels of oil per day.

4.  Mbbls: thousand barrels.

5.  MMbbls: million barrels.

6.  MMCF/d: million cubic feet per day.

7.  BCF: billion cubic feet.

 

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