REG - Block Energy PLC - Change of Auditor

Block EnergyAnnouncement

10/10/2022 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:20221010:nRSJ2544Ca&default-theme=true

RNS Number : 2544C  Block Energy PLC  10 October 2022

10 October 2022

Block Energy plc

("Block" or the "Company")

Change of Auditor

Block Energy plc, the development and production company focused on Georgia,
is pleased to announce a change of auditor.

As authorised at the Company's Annual General Meeting held on 3 August 2022
and following a tender process led by the Company's Audit and Risk Committee,
the Company has appointed PKF Littlejohn LLP ("PKF") as the new auditor of the
Company and its subsidiaries (the "Group") and BDO LLP ("BDO") has resigned as
auditor.

PKF will conduct the audit of the financial statements of the Group and the
Company for the year ending 31 December 2022. Any proposal to re-appoint PKF
as auditors of the Group will be subject to the approval of shareholders at
the 2023 Annual General Meeting.

BDO has been the auditor of Block since 2018 and we thank them for their
services. BDO has confirmed to the Company that there are no matters connected
with their ceasing to hold office that need to be brought to the attention of
the members or creditors of the Company for the purposes of section 519 of the
Companies Act 2006.

**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) has 2P 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). 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 estimated gross unrisked
2C contingent resources of 200 MMbbls of oil. Licence block XI(B) is
Georgia's most productive block, with 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 licence block XI(F), which contains
the West Rustavi onshore oil and gas field. Multiple wells have tested oil and
gas from a range of geological horizons. The field has 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

·    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.

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  APPFSFFDUEESEES