Source - LSE Regulatory
RNS Number : 7598K
Block Energy PLC
06 September 2021
 

6 September 2021

 

Block Energy plc

("Block" or the "Company")

Board Changes

Block Energy plc, the development and production company focused on Georgia, is pleased to announce the proposed appointment of Dr Kenneth "Ken" Seymour as an independent Non-Executive Director, subject to the completion of the Nominated Adviser's usual regulatory due diligence checks.

Dr Seymour has worked with major and minor petroleum Exploration & Production companies for over 40 years as drilling engineer, drilling superintendent, drilling manager, general manager, director and adviser in the North Sea and on international assignments in Netherlands, China, Pakistan, Angola, Nigeria and Indonesia. Ken is currently an independent consultant focusing on dispute resolution, drilling optimisation and geothermal energy for HKA Global, Seplat Energy and Ceraphi Energy.

 

Dr Seymour graduated from Leeds University with a first class BSc honours degree in Mining Engineering and a PhD in Rock Mechanics. He also obtained an MBA from the Aberdeen Universities and has authored twenty-seven presentations on well engineering and upstream management.

 

The appointment of Dr Seymour has been made following the Company's internal and external procedures and process but, as outlined above, remains subject to regulatory due diligence checks by the Nominated Adviser.

The Company also announces that Charles "Chuck" Valceschini, independent Non-Executive Director, has tendered his notice of resignation as a director of the Company. He will continue to serve as a director until his notice period expires on 3 December 2021.

Commenting, Philip Dimmock, Chairman of Block Energy, said:

"On behalf of the Board, I thank Chuck for his contribution to the Company, and wish him every success for the future.

 

I am delighted that Ken has agreed to join the Board of Block. His extensive international experience will significantly benefit many aspects of the business, particularly drilling operations, asset management and business development. In addition to Ken having been through the Company's recruitment process, I have no doubt of the tremendous contribution he can bring and the benefits that will come from that for the Company and all shareholders."

Further information in relation to Kenneth Paul Seymour

 

In addition to his appointment to the Board, Dr Kenneth Paul Seymour, aged 67, holds or has held the following directorships or partnerships in the past five years: 

Current Directorships

Previous Directorships

Pennmen Limited [England]

Nordic Energy plc [England]

Pennmen Property Limited [England]




Dr Seymour was appointed a director of Nordic Energy plc in 2013, and following the resignation of the other founding directors in 2015, he assumed the role of interim CEO and placed the company into voluntary liquidation, winding the company up between 2016 and 2019. According to the liquidator's statement of affairs, the shortfall to creditors was approximately £283,000. Nordic Energy was dissolved in November 2019.

 

Save for the information above, there are no further disclosures to be made in accordance with Rule 17, Schedule 2(g) of the AIM Rules for Companies in respect of the appointment.

 

In common with other Block directors (as announced in the Operations Update issued on 7 April 2020), Dr Seymour has agreed that 50% of his fees will to be paid in nil-cost options to acquire ordinary shares in the Company. The number of options will be calculated using the volume weighted average price over the monthly fee period.

 

Dr Seymour is the beneficial owner of 465,313 ordinary shares in the Company, representing 0.07% of the Company's current issued share capital.

 

A further announcement is expected to be made shortly confirming Dr Seymour's appointment.

 

**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

Philip Dennis / Mark Antelme

(Financial PR)

Celicourt

Tel: +44 (0)20 8434 2643

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.    MMbbls: million barrels.

6.    MMboe: million barrels of oil equivalent.

7.    Bcf: billion cubic feet.

 

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