REG - Block Energy PLC - Board Change

Block EnergyAnnouncement

10/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230110:nRSJ1279Ma&default-theme=true

RNS Number : 1279M  Block Energy PLC  10 January 2023

 

10 January 2023

 

Block Energy plc

("Block" or the "Company")

Board change - Appointment of COO

 

Block Energy plc, the oil and gas production and development company focused
on Georgia, is pleased to announce the appointment of Dr Ken Seymour as Chief
Operating Officer ("COO"), with effect from 10 January 2023.

Dr Seymour has over 40 years of industry experience as a drilling engineer,
drilling superintendent, drilling manager, asset manager, director and
adviser. He has worked in various parts of the world, including the UK North
Sea, the Netherlands, China, Pakistan, Angola, Nigeria and Indonesia.

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 Aberdeen University.

Dr Seymour was appointed to the Company's Board as a non-executive director on
6 September 2021. In order to devote the time needed to his new role, he will
be stepping down from the Board, with immediate effect. The Company has
initiated a search for a replacement independent non‑executive director.

Commenting, Philip Dimmock, Non-Executive Chairman of Block Energy plc, said:

"We are delighted that Ken has agreed to take up the role of COO at Block.
Applying his considerable skills and experience as a member of the executive
team, he will make an even greater contribution to the Company's activities as
it continues to accelerate the development of its operations and projects in
Georgia. I, along with the rest of the Board, would like to thank him for the
tremendous contribution he has made as a non‑executive director."

**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, 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.

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.

7.    MMboe: million barrels of oil equivalent.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAEAAFNELLDEFA