Results of Annual General Meeting

Block Energy PLC

20 June 2023

 

20 June 2023

Block Energy plc

("Block" or the "Company")

Results of Annual General Meeting

Block Energy plc, the development and production company focused on Georgia, is pleased to announce that, at the Annual General Meeting ("AGM") of the Company convened by the Notice of AGM dated 30^th May 2023 and held earlier today, all resolutions set out in the Notice of AGM were approved by shareholders.

The results of the poll for each resolution were as follows:

Resolution	For	% For	Against	% Against	Withheld
1. To receive and adopt the report of the directors and the financial statements for the year ended 31 December 2022.	177,030,686	99.67%	528,310	0.30%	62,800
2. To re-elect Philip Dimmock as a director of the Company.	164,808,935	92.79%	12,750,061	7.18%	62,800
3. To re-appoint PKF Littlejohn LLP as the Company's auditor.	174,266,836	98.11%	3,317,160	1.87%	37,800
4. To authorise the directors to allot relevant securities to the Company's Employee Benefit Trust.	169,979,771	95.70%	7,639,225	4.30%	2,800
5. To authorise the directors to allot relevant securities pursuant to Section 551 of the Companies Act 2006.	164,370,583	92.54%	13,248,413	7.46%	2,800
6. To authorise the directors to allot equity securities pursuant to Section 570 of the Companies Act 2006.	159,478,612	89.79%	18,140,384	10.21%	2,800
7. To amend the Company's Articles of Association.	174,718,824	98.37%	2,840,172	1.60%	62,800

As at the date of the AGM, the number of issued ordinary shares of the Company was 689,551,104 shares, which was the total number of shares entitling the holders to attend and vote for or against all resolutions. In accordance with the Company's Articles of Association, on a poll every member has one vote for every share held. Votes withheld are not votes in law and have not been counted in the calculation of the proportion of vote "for" or "against" a resolution. Proxy appointments which gave discretion to the Chairman have been included in the "for" total.

**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]
Philip Dennis / Mark Antelme (Financial PR)	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. During the mid-1980s, production peaked at 67,000 bopd and cumulative production reached 100 MMbbls and 80 MMbbls of oil from the Patardzeuli and Samgori fields, respectively. The remaining 2P reserves across block XI^B are 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe. (Source: CPR Bayphase Limited: 1 July 2015). Additionally, following an internal technical study designed to evaluate and quantify the undrained oil potential of the Middle Eocene within the Patardzeuli field, the Company has estimated gross unrisked 2C contingent resources of 200 MMbbls of oil.

The Company has a 100% working interest in licence block XI^F containing the West Rustavi onshore oil and gas field. Multiple wells have tested oil and gas from a range of geological horizons. The field has so far produced over 75 Mbbls of light sweet crude and has 1.07 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, ERCE 2022).

In 2022, a Competent Person's Report provided by ERCE, ascribed 3P reserves of 3.01 million barrels, with an NPV project value of USD 57 million, to just a portion of the West Rustavi/Krtsanisi Middle Eocene reservoir.

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

·    bbls: barrels. A barrel is 35 imperial gallons.

·    Bcf: billion cubic feet.

·    boe: barrels of oil equivalent.

·    boepd: barrels of oil equivalent per day.

·    bopd: barrels of oil per day.

·    Mbbls: thousand barrels.

·    Mboe: thousand barrels of oil equivalent.

·    Mcf: thousand cubic feet.

·    MMbbls: million barrels.

·    MMboe: million barrels of oil equivalent.

·    MMcf: million cubic feet.

 

END