Request to requisition General Meeting

RNS Number : 3693G

Block Energy PLC

26 July 2021

 

26 July 2021

Block Energy plc

("Block" or the "Company")

Request to requisition General Meeting

Block Energy plc, the development and production company focused on Georgia, announces that, on 24 July 2021, it received a second letter from Forest Nominees Limited (the "Second Letter"), which is the legal holder of 31,308,000 ordinary shares, representing 5.00 per cent of the issued ordinary share capital of the Company, as nominee for G.P. (Jersey) Limited.

The Second Letter requests the Company to convene a further general meeting (in addition to the general meeting that has been convened on 11 August 2021, as set out in the RNS announcement issued at around 7:00 a.m. today) of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act") and consider and, if thought fit, propose a resolution to commission an independent forensic investigation into the affairs of the Company.

A copy of the Second Letter is included as an appendix to this release. To view it, click on the following link, or paste it into your web browser:

https://www.blockenergy.co.uk/wp-content/uploads/2021/07/Second-s303-request-from-Forest-Nominees-Limited.pdf

The board of directors ("Board") regrets that this action has been taken at a time when the Company is in the middle of drilling a well pursuant to a shareholder-mandated strategy and considers the requisition of this second general meeting to be unwelcome and unnecessary. The Board is of the view that the resolution is not in the best interests of the Company and its shareholders as a whole and intends to recommend that shareholders vote against the resolution at any requisitioned general meeting.

The Board intends to comply with its obligations in accordance with section 304 of the Act, which requires it to call a general meeting within 21 days of receipt of a valid requisition and to hold such general meeting on a date not more than 28 days after the date of the notice convening such general meeting.

Shareholders are advised to take no action at this time. Further announcements will be made in due course.

**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-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 MMboe, which is comprised 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015)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.  MMboe: million barrels of oil equivalent.

7.  Bcf: billion cubic feet.

 

END

 

 

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