REG - Block Energy PLC - Issue of Equity

Block EnergyAnnouncement

03/08/2023 07:00

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RNS Number : 1064I  Block Energy PLC  03 August 2023

03 August 2023

 

Block Energy plc

("Block" or the "Company")

Issue of Equity

Block Energy plc, the development and production company focused on Georgia,
announces that it has today allotted a total of 35,124,708 ordinary shares of
0.25p each ("Ordinary Shares") to a total of four counterparties.

This allotment includes the 30,000,000 new Ordinary Shares to the Intertrust
Employee Benefit Trustee Limited as trustee of the Block Energy plc Employee
Benefit Trust, as approved by Shareholders (Resolution 4) at the Company's AGM
on 20 June 2023. These shares were issued at par value of 0.25p. The shares
are being issued to the Employee Benefit Trust for the purposes of satisfying
current and future grants of share incentives to employees as part of the
Company's long term incentive plan.

A further 5,124,708 new Ordinary Shares have been issued to various service
providers to the Company in satisfaction of amounts owed of £68,644.

Application will be made for the admission to trading on AIM ("Admission") for
the 35,124,708 new Ordinary Shares. The new Ordinary Shares will rank pari
passu in all respects with the existing Ordinary shares of the Company.
Admission is expected at 8.00 a.m. on or around 8(th) August 2023.

 

Total Voting Rights

 

Following Admission, the Company's issued share capital will comprise
724,675,812 Ordinary Shares with one voting right each. As the Company does
not hold any shares in Treasury, the total number of voting rights in the
Company is also 724,675,812 and this figure of ordinary shares may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

 

 **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 / Ali AlQahtani   Celicourt Communications         Tel: +44 (0)20 7770 6424

 (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
XIB. Licence block XIB is Georgia's most productive block. 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 XIB 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
estimated gross unrisked 2C contingent resources of 200 MMbbls of oil.

The Company has a 100% working interest in licence block XIF containing the
West Rustavi onshore oil and gas field. Multiple wells 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

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

·    Bcf: billion cubic feet.

·    boe: barrels of oil equivalent.

·    boepd: barrels of oil equivalent per day.

·    bopd: barrels of oil per day.

·    Mbbls: thousand barrels.

·    Mboe: thousand barrels of oil equivalent.

·    Mcf: thousand cubic feet.

·    MD: measured depth.

·    MMbbls: million barrels.

·    MMboe: million barrels of oil equivalent.

·    MMcf: million cubic feet.

·    TVD: True Vertical Depth.

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