REG - Block Energy PLC - Board Change

Block EnergyAnnouncement

13/09/2022 16:45

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RNS Number : 3264Z  Block Energy PLC  13 September 2022

13 September 2022

Block Energy plc

("Block" or the "Company")

Board Change

Block Energy plc, the development and production company focused on Georgia,
announces that, William McAvock, Chief Financial Officer, has agreed to resign
from the board with effect from 30 September 2022, following the publication
of the Company's interim results for the six months period ended 30 June 2022.

This is a consequence of the Company's decision to make the position of Chief
Financial Officer redundant, as part of the Company's continuing efforts to
improve efficiency across its business.

William's existing responsibilities will be transferred to the CEO, the
finance and commercial teams, and existing external advisors and overseen by
the Company's financially experienced non-executive directors.

During his service of over three years, William was instrumental in the
acquisition and integration of licences IX and XI(B) into Block's portfolio
and in improving efficiencies across the Company.

The Remuneration Committee has used discretion to extend the expiry date of
William's long-term incentive plan options ("LTIP Options") as follows:

 Date of Issue  Revised expiry date  Number of LTIP Options granted  Number of LTIP Options exercisable  Number of LTIP Options that will lapse on 13 December 2022   Exercise Price
 01-Mar-21      30-Sep-23            4,500,000                       4,166,667                           333,333                                                      £0.04
 08-Apr-22      30-Sep-23            4,500,000                       3,062,500                           1,437,500                                                    £0.01325

 

He also holds 7,097,899 exercisable nil cost options, which were granted under
the Company's salary sacrifice scheme, and the expiry date of these options
will also be revised to 30 September 2023.

Block Energy plc's Chairman, Philip Dimmock, said:

"On behalf of the Board, I would like to thank William for his strong
contribution to positioning the Company for further growth and value creation.
The Board and I wish him well in his future endeavours."

**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              Tel: +44 (0)20 7186 9030

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

 Philip Dennis

 (Financial PR Adviser)

 

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, where during
the mid-1980s production peaked at 67,000 bopd and cumulative production
reached 100 MMbbls and 80 MMbbls of oil from the Patardzeuli and Samgori
fields, respectively. The remaining 2P reserves across block XI(B) are
64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of
28 MMboe. (Source: CPR Bayphase Limited: 1 July 2015). Additionally,
following an internal technical study designed to evaluate and quantify the
undrained oil potential of the Middle Eocene within the Patardzeuli field, the
Company has defined gross unrisked 2C contingent resources of 200 MMbbls of
oil.

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 over 75 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.

Stephen James BSc, MBA, PhD (Block Energy's Subsurface Manager) has reviewed
the reserve, resource and production information contained in this
announcement. Dr James is a geoscientist with more than 40 years' experience
in field development and reservoir management.

Glossary

·    bbls: barrels. A barrel is 35 imperial gallons.

·    Bcf: billion cubic feet.

·    boe: barrels of oil equivalent.

·    bopd: barrels of oil per day.

·    Mbbls: thousand barrels.

·    MMbbls: million barrels.

·    MMboe: million barrels of oil equivalent.

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