Exercise of Options

RNS Number : 4366B

Block Energy PLC

08 October 2020

 

8 October 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 employees have exercised options to acquire, in aggregate, 943,107 ordinary shares of 0.25 pence each.

The exercise will be satisfied out of 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 38,348,495, representing 8.76 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 437,567,476 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 is an AIM-listed independent oil and gas company focused on production and development in Georgia by 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. In March 2020, it entered into a conditional sale and purchase agreement to acquire a company that owns Georgian onshore Blocks IX and XI^B.

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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