Results of Annual General Meeting

RNS Number : 8141U

Block Energy PLC

03 August 2022

 

3 August 2022

Block Energy plc

("Block" or the "Company")

Results of Annual General Meeting

Block Energy plc, the development and production company focused on Georgia, is pleased to announce that, at the Annual General Meeting ("AGM") of the Company convened by the Notice of AGM dated 8 July 2022 and held earlier today, all resolutions set out in the Notice of AGM were approved by shareholders.

The results of the poll for each resolution were as follows:

Resolution	For	% For	Against	% Against	Withheld
1. To receive and adopt the report of the directors and the financial statements for the year ended 31 December 2021.	172,612,532	99.07%	1,622,827	0.93%	5,126,840
2. To re-elect Paul Haywood as a director of the Company.	149,313,540	87.15%	22,021,493	12.85%	30,279
3. To elect Jeremy Asher as a director of the Company.	168,436,112	97.84%	3,710,265	2.16%	7,215,822
4. To elect Kenneth Seymour as a director of the Company.	169,382,719	98.33%	2,882,926	1.67%	7,096,554
5. To authorise the Directors to select and appoint an independent audit firm as the Company's auditor and to authorise the directors to determine their remuneration.	171,147,612	98.23%	3,087,747	1.77%	5,126,840
6. To authorise the directors to allot relevant securities pursuant to Section 551 of the Companies Act 2006.	161,159,912	92.71%	12,675,372	7.29%	5,526,915
7. To authorise the directors to allot equity securities pursuant to Section 570 of the Companies Act 2006.	159,853,449	91.97%	13,954,356	8.03%	5,554,394

As at the date of the AGM, the number of issued ordinary shares of the Company was 659,572,340 shares, which was the total number of shares entitling the holders to attend and vote for or against all resolutions. In accordance with the Company's Articles of Association, on a poll every member has one vote for every share held. Votes withheld are not votes in law and have not been counted in the calculation of the proportion of vote "for" or "against" a resolution. Proxy appointments which gave discretion to the Chairman have been included in the "for" total.

**ENDS**

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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]
Mark Antelme Philip Dennis (Financial PR Adviser)	Celicourt Communications	Tel: [phone]

Notes to editors

Block Energy plc is an AIM-traded 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 reserves of 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historical 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 licence block XI^F, which contains the 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 over 75 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

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

· Bcf: billion cubic feet.

· boe: barrels of oil equivalent.

· bopd: barrels of oil per day.

· Mbbls: thousand barrels.

· MMbbls: million barrels.

· MMboe: million barrels of oil equivalent.

 

END

 

 

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