Result of AGM and Board Change

RNS Number : 7812R

Block Energy PLC

31 October 2019

 

31 October 2019

Block Energy Plc

("Block" or the "Company")

Result of AGM and Board Change

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce that at the Company's Annual General Meeting, held earlier today, all resolutions were duly passed.

Niall Tomlinson is stepping down at the end of November from the position of Executive Director to concentrate on his interests in the mining sector. Niall has been a director since January 2016 and has been instrumental in facilitating the Company's progress, its commitment to good governance being just one example of his contribution. The Company wishes Niall every success in his future endeavours.

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

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 the Republic of Georgia, applying innovative technology to realise the full potential of previously discovered fields. The company is pursuing a fully-funded multi-well programme through 2019/20 designed to convert contingent resources to reserves, and reserves to revenue.

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 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 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 strong regional demand for oil and gas.

 

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