8 July 2022
Block Energy plc
("Block" or the "Company")
Posting of Notice of Annual General Meeting
Block Energy plc, the development and production company focused on Georgia, announces that the Notice of the Annual General Meeting ("AGM") and Form of Proxy are available in the Investors section of the Company's website at www.blockenergy.co.uk/investors/circulars-presentations-and-reports/ and will be posted today to those shareholders requiring a hard copy.
The AGM will be held at 11:00 a.m. on 3 August 2022 at Lansdowne House, 57 Berkeley Square, London W1J 6ER.
**ENDS**
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 Communications | 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, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historical 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 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. gross: including the state of Georgia's share
6. Mbbls: thousand barrels.
7. MMbbls: million barrels.
8. MMboe: million barrels of oil equivalent.
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