1 July 2021
Block Energy plc
("Block Energy", "Block" or the "Company")
Result of AGM
Following yesterday's Annual General Meeting ("AGM"), convened by the Notice of AGM dated 4 June 2021, Block Energy Plc is pleased to announce that resolutions 1 to 6 set out in the Notice of AGM were approved by shareholders. Resolution 7 was withdrawn prior to the AGM.
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 2020. | 234,911,570 | 98.580% | 3,382,634 | 1.420% | 11,009,020 |
| 2. To re-elect Philip Dimmock as a director of the Company. | 134,876,944 | 56.269% | 104,823,597 | 43.731% | 9,602,683 |
| 3. To elect Charles Valceshini as a director of the Company. | 234,748,278 | 98.512% | 3,545,926 | 1.488% | 11,009,020 |
| 4. To elect David Sandroshvili as a director of the Company. | 234,748,278 | 98.512% | 3,545,926 | 1.488% | 11,009,020 |
| 5. To re-appoint BDO LLP as auditors and to authorise the directors to determine their remuneration. | 234,911,570 | 98.580% | 3,382,634 | 1.420% | 11,009,020 |
| 6. To authorise the directors to allot relevant securities pursuant to Section 551 of the Companies Act 2006. | 163,253,062 | 67.361% | 79,103,227 | 32.639% | 11,643 |
| 7. Resolution withdrawn. | n/a | n/a | n/a | n/a | n/a |
As at the date of the AGM, the number of issued ordinary shares of the Company was 624,623,513 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.
The Board is pleased with the overall level of support for those resolutions put to the meeting. It acknowledges, however, the significant vote against resolutions 2 and 6. The Board is committed to continuing an open and transparent dialogue with the Company's shareholders and, following the AGM, will continue to engage with those shareholders who voted against these resolutions to understand their views and/or any specific concerns. We will publish an update on this engagement, in accordance with the QCA Corporate Governance Code, within six months of the 2021 AGM.
**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 | Block Energy Plc | Tel: +44 (0)20 3468 9891 |
| (Chief Executive Officer) | | |
| | | |
| Neil Baldwin | SPARK Advisory Partners Limited | Tel: +44 (0)20 3368 3554 |
| (Nominated Adviser) | | |
| | | |
| Peter Krens | Tennyson Securities Limited | Tel: +44 (0)20 7186 9030 |
| (Corporate Broker) | | |
| | | |
| Owen Roberts / Violet Wilson | Camarco | Tel: +44 (0)20 3757 4980 |
| (Financial PR) | | |
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. Bcf: billion cubic feet.
3. boe: barrels of oil equivalent.
4. bopd: barrels of oil per day.
5. Mbbls: thousand barrels.
6. MMbbls: million barrels.
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