Cancellation of Options

RNS Number : 9812Q

Block Energy PLC

24 June 2020

 

24 June 2020

Block Energy plc

(the "Company")

Cancellation of Options

Block Energy Plc, the exploration and production company focused on Georgia, announces that the options to acquire 246,157 ordinary shares of 0.25 pence each at nil cost that were issued on 1 June 2020 to Roger McMechan, who is a director of the Company, have been cancelled pursuant to the termination of his employment.

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 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.

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 Energy also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. It has recently entered into a conditional sale and purchase agreement for Georgian onshore Blocks XI^B and IX.

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.

 

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