REG - Block Energy PLC - Notice of AGM

Block EnergyAnnouncement

08/07/2022 07:00

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RNS Number : 7695R  Block Energy PLC  08 July 2022

8 July 2022

Block Energy plc

("Block" or the "Company")

Posting of Notice of Annual General Meeting

Block Energy plc, the development and production company focused on
Georgia, announces that the Notice of the Annual General Meeting ("AGM") and
Form of Proxy are available in the Investors section of the Company's website
at  www.blockenergy.co.uk/investors/circulars-presentations-and-reports/
(http://www.blockenergy.co.uk/investors/circulars-presentations-and-reports/)
and will be posted today to those shareholders requiring a hard copy.

The AGM will be held at 11:00 a.m. on 3 August 2022 at Lansdowne House, 57
Berkeley Square, London W1J 6ER.

**ENDS**

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, comprising 2P oil reserves of 36 MMbbls and 2P
gas reserves of 28 MMboe (Source: CPR Bayphase
Limited: 1 July 2015) and 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 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 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.

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.    gross: including the state of Georgia's share

6.    Mbbls: thousand barrels.

7.    MMbbls: million barrels.

8.    MMboe: million barrels of oil equivalent.

 

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