REG - Block Energy PLC - Appointment of SID

Block EnergyAnnouncement

09/12/2021 07:00

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RNS Number : 0513V  Block Energy PLC  09 December 2021

9(th) December 2021

 

Block Energy plc

("Block" or the "Company")

Appointment of Senior Independent Director

Block Energy plc, the development and production company focused on Georgia,
is pleased to announce the appointment of Jeremy Asher as the Senior
Independent Director, with immediate effect.

Jeremy was appointed to the Board in August this year. He has extensive public
listed company experience, including currently being on the Board of Tower
Resources plc, and having previously served on the Boards of NYSE-listed
Pacific Drilling SA and LSE-listed Gulf Keystone Petroleum Limited, among
others.

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

"Jeremy's appointment as Senior Independent Director represents another clear
step in making sure Block has the right systems of corporate governance in
place, which will support the future of the Company through good decision
making. Jeremy has extensive experience on the boards of public listed and
private companies, so is ideally suited to taking on the additional
responsibility on behalf of Block and its shareholders".

- 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/
(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              Tel: +44 (0)20 7186 9030

 (Corporate Broker)
 Philip Dennis / Mark Antelme   Celicourt Communications         Tel: +44 (0)20 8434 2643

 (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
XI(B). Licence block XI(B) 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.

 

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