Result of GM; Issue of Equity

RNS Number : 1501K

Block Energy PLC

30 December 2020

 

30 December 2020

Block Energy plc

("Block Energy", "Block" or the "Company")

Result of GM; Issue of Equity

Block Energy plc, the development and production company focused on Georgia, is pleased to announce that, at the General Meeting held earlier today, both resolutions were passed with 99.90% of votes cast in favour.

The Company confirms that 176,000,000 new ordinary shares of £0.0025 (0.25 pence) each ("New Shares") have today been allotted to existing and new investors at an issue price of 3 pence per ordinary share. It is expected that the New Shares will be admitted to trading on AIM ("Admission") at 8.00 a.m. on 31 December 2020.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 614,542,093 ordinary shares which may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.  The Company does not hold any shares in treasury. 

Capitalised terms used, but not defined, in this announcement have the same meaning as in the 3 December 2020 announcement.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (eu) 596/2014

-Ends-

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 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 recently acquired 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 million boe 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.  MMCF/d: million cubic feet per day.

7.  BCF: billion cubic feet.

 

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