7 June 2021
Block Energy plc
(the "Company")
Posting of Annual Report & Accounts and Notice of AGM
Block Energy plc, the development and production company focused on Georgia, announces that, further to the publication on 2 June 2021 of its final audited results for the year ended 31 December 2020, the Company's Annual Report and Accounts and Notice of Annual General Meeting ("AGM") were posted to shareholders on 4 June 2021.
These documents were also made available on the Company's website at www.blockenergy.co.uk in the Investors section.
Details of the AGM
The Company's AGM will be held at 10:00 a.m. on 30 June 2020 at the offices of the Company, Lansdowne House, 57 Berkeley Square, London W1J 6ER. Given the present issues surrounding COVID-19 and the current guidance from the UK Government that indoor public gatherings, which include attending an AGM, are not permitted, we will hold the AGM with the minimum attendance required to form a quorum. Shareholders are asked not to attend the AGM in person but can be represented by the Chair of the meeting acting as their proxy.
Shareholders are encouraged to vote via completion of a Form of Proxy. Full details of how to complete the Form of Proxy are contained in the Notice of AGM. You are advised to appoint the chairman of the meeting as your proxy to ensure your vote is counted. The chairman of the meeting will direct that all resolutions will take place by way of a poll, rather than on a show of hands, to ensure an accurate reflection of the views of shareholders and ensure that proxy votes are recognised. The results of the poll votes on the proposed resolutions will be published on the Company's website immediately after the conclusion of the AGM.
The Board will continue to monitor COVID-19 developments as well as any further UK Government advice and will announce further details if any amendment to the arrangements advised above can be made.
**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: +44 (0)20 3468 9891 |
| Neil Baldwin (Nominated Adviser) | Spark Advisory Partners Limited | Tel: +44 (0)20 3368 3554 |
| Peter Krens (Corporate Broker) | Tennyson Securities | Tel: +44 (0)20 7186 9030 |
| Billy Clegg / Owen Roberts / Violet Wilson (Financial PR) | Camarco | Tel: +44 (0)20 3757 4980 |
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 XIB. Licence block XIB 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. MMboe: million barrels of oil equivalent.
6. MMbbls: million barrels.
7. Bcf: billion cubic feet.
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