REG - Block Energy PLC - Result of Bookbuild and WRAP Retail Offer

Block EnergyAnnouncement

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RNS Number : 1868C  Block Energy PLC  28 April 2026

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

28 April 2026

Block Energy plc

("Block" or "the Company")

Result of Bookbuild and WRAP Retail Offer

 

Block Energy plc, is pleased to announce that further to the announcement made
at 5.04 p.m. on 27 April 2026 (the "Bookbuild Launch Announcement"), the
Bookbuild has now closed and the Company has raised $6.23 million (£4.61
million) in aggregate (before expenses) through the Placing of 418,701,200
Fundraise Shares pursuant to the Placing at the Issue Price of 1.1 pence per
Ordinary Share. Tennyson acted as sole bookrunner in connection with the
Placing.

 

Additionally, further to the announcement made at 5.13 p.m. on 27 April 2026
(the "Retail Offer Launch Announcement"), the Retail Offer has also closed and
the Company has raised US$ 67,000 (£50,000) in aggregate (before expenses)
through the Retail Offer of 4,506,716 Fundraise Shares at the Issue Price
pursuant to the Retail Offer.

 

The total funds raised pursuant to the Placing and Retail Offer are US$ 6.30
million (£4.66 million).

 

Pursuant to the Fundraise, the Company will issue 77,314,000 Firm Fundraise
Shares raising c. US$ 1.15 million (c. £0.85 million) and 345,893,916
Conditional Fundraise Shares (which includes the Retail Offer) raising $5.15
million (£3.80 million). All of the Fundraise Shares subscribed for pursuant
to the Retail Offer will be issued in the Conditional Fundraise.

 

The Placing is subject to the conditions set out in the Bookbuild Launch
Announcement. The Retail Offer is subject to the terms and conditions set out
in the Retail Offer Launch Announcement.

 

Admission and Total Voting Rights

 

Application has been made for the Fundraise Shares to be admitted to trading
on AIM ("Admission"). Admission of the 77,314,000 Firm Fundraise Shares
("First Admission") is expected on or around 1 May 2026 and Admission of the
345,893,916 Conditional Fundraise Shares ("Second Admission") is expected on
or around 19 May 2026 (provided the Fundraise Resolutions are passed at the
General Meeting).

 

Following First Admission the Company's Enlarged Share Capital will be
1,123,486,039 Ordinary Shares. Following Second Admission the Company's
Enlarged Share Capital will be 1,469,379,955 Ordinary Shares.

 

These figures may be used by holders of Ordinary Shares 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 Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.

 

The new Ordinary Shares to be issued pursuant to the Fundraise will be issued
free of all liens, charges and encumbrances and will, on Admission, rank pari
passu in all respects with the new Ordinary Shares to be issued pursuant to
the Placing and the Company's existing Ordinary Shares.

 

Unless otherwise defined, all capitalised terms used but not defined in this
announcement shall have the meaning as given to them in the Launch
Announcement.

 

**ENDS**

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)

                                                                       WRAP@winterflood

 Sophia Bechev/Kaitlan Billings                                        Tel: + (0)203 100 0214

                                  Winterflood Retail Access Platform
 Mark Antelme                     Celicourt Communications             Tel: +44 (0)20 8434 2643

 Philip Dennis

 (Financial PR Adviser)

 

 

Notes to Editors

Block Energy plc is an AIM-quoted independent oil and gas production and
development company focused on building a diversified portfolio of high-impact
energy assets.

The Company's core operations are in Georgia, where it holds interests in
seven Production Sharing Contracts covering an area of 4,256 km(2) in the
central part of the country. These include the XIB licence, which has over
2.77TCF of 2C contingent gas resources, with an estimated Net Present Value 10
("NPV") of USD 2.2 billion, in the Patardzueli-Samgori, Rustavi and Teleti
fields. (Source: IER, OPC 2024 & Internal estimates).

 

The Company is structured around a multi-project approach, progressing assets
across different stages of development, hydrocarbon type, and reservoir
characteristics. This approach is designed to deliver a balanced portfolio of
production growth, field redevelopment, new discoveries and the
commercialisation of substantial gas resources. The goal is to deliver on
multi-TCF gas assets, strategically well located for the key EU market,
supported by partner funding and cash from existing producing assets.

 

The Company has completed a farm-out of licence XIQ to Aspect Georgia, under
which Aspect may earn up to a 92.5% working interest through the completion of
a staged, fully funded work programme.

 

In April 2026, the Company signed a Binding Framework Agreement with Zhijiang
Sanning Energy Co. Ltd, one of China's leading chemical producers, in relation
to the farm out of Project III. Project III comprises the Lower Eocene and
Upper Cretaceous gas discoveries across Block's XIB and XIF licences
in central Georgia. The proposed farm-out is expected to support the
appraisal and development of these assets while reducing Block Energy's
capital exposure.

 

Located near the Georgian capital of Tbilisi, Block Energy is well-positioned
to contribute significantly to the region's energy landscape. This proximity
facilitates seamless operations and underscores our commitment to the economic
and energy development of Georgia.

Glossary

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

·      Bcf: billion cubic feet.

·      boe: barrels of oil equivalent.

·      bopd: barrels of oil per day.

·      DGH: Directorate General of Hydrocarbons of Gabon

·      Mbbls: thousand barrels.

·      MMbbls: million barrels.

·      MMboe: million barrels of oil equivalent.

·      MMCF/d: millions of cubic feet of gas per day

·      TCF: trillion cubic feet.

Important Notices

The content of this announcement has been prepared by and is the sole
responsibility of the Company.

The release, publication or distribution of this announcement may be
restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein comes should inform
themselves about and observe any such restriction. Any failure to comply with
these restrictions may constitute a violation of the securities laws of any
such jurisdiction.

This announcement and the information contained herein is not for release,
publication or distribution, directly or indirectly, in whole or in part, in
or into or from the United States (including its territories and possessions,
any state of the United States and the District of Columbia (the "United
States" or "US")), Australia, Canada, New Zealand, Japan, the Republic of
South Africa, any member state of the EEA or any other jurisdiction where to
do so might constitute a violation of the relevant laws or regulations of such
jurisdiction. This announcement does not constitute an offer to sell or issue
or a solicitation of an offer to buy or subscribe for Ordinary Shares in any
such jurisdiction.

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America.  This announcement is
not an offer of securities for sale into the United States.  The securities
referred to herein have not been and will not be registered under the US
Securities Act, and may not be offered or sold in the United States, except
pursuant to an applicable exemption from registration.  No public offering of
securities is being made in the United States.

WRAP is a proprietary technology platform owned and operated by Winterflood
Securities Ltd (registered address at Riverbank House, 2 Swan Lane, London
EC4R 3GA; FRN 141455). Winterflood Securities Ltd ("Winterflood") is
authorised and regulated in the United Kingdom by the Financial Conduct
Authority, is acting exclusively for the Company and for no-one else and will
not regard any other person (whether or not a recipient of this announcement)
as its client in relation to the WRAP Retail Offer and will not be responsible
to anyone other than the Company for providing the protections afforded to its
clients, nor for providing advice in connection with the WRAP Retail Offer,
Admission and the other arrangements referred to in this announcement.

The value of Ordinary Shares and the income from them is not guaranteed and
can fall as well as rise due to stock market movements. When you sell your
investment, you may get back less than you originally invested. Figures refer
to past performance and past performance is not a reliable indicator of future
results. Returns may increase or decrease as a result of currency
fluctuations.

Certain statements in this announcement may constitute forward-looking
statements which are based on the Company's expectations, intentions and
projections regarding its future performance, anticipated events or trends and
other matters that are not historical facts. These forward-looking statements,
which may use words such as "aim", "anticipate", "believe", "intend",
"estimate", "expect" and words of similar meaning, include all matters that
are not historical facts. These forward-looking statements involve risks,
assumptions and uncertainties that could cause the actual results of
operations, financial condition, liquidity and dividend policy and the
development of the industries in which the Company's businesses operate to
differ materially from the impression created by the forward-looking
statements. These statements are not guarantees of future performance and are
subject to known and unknown risks, uncertainties and other factors that could
cause actual results to differ materially from those expressed or implied by
such forward-looking statements. Given those risks and uncertainties,
prospective investors are cautioned not to place undue reliance on
forward-looking statements.

These forward-looking statements speak only as at the date of this
announcement and cannot be relied upon as a guide to future performance. The
Company and Winterflood expressly disclaim any obligation or undertaking to
update or revise any forward-looking statements contained herein to reflect
actual results or any change in the assumptions, conditions or circumstances
on which any such statements are based unless required to do so by the
Financial Conduct Authority, the London Stock Exchange or applicable law.

The information in this announcement is for background purposes only and does
not purport to be full or complete. None of Winterflood or any of its
affiliates, accepts any responsibility or liability whatsoever for, or makes
any representation or warranty, express or implied, as to this announcement,
including the truth, accuracy or completeness of the information in this
announcement (or whether any information has been omitted from the
announcement) or any other information relating to the Company or associated
companies, whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever arising from
any use of the announcement or its contents or otherwise arising in connection
therewith. Winterflood and its affiliates, accordingly disclaim all and any
liability whether arising in tort, contract or otherwise which they might
otherwise be found to have in respect of this announcement or its contents or
otherwise arising in connection therewith.

Any indication in this announcement of the price at which the Ordinary Shares
have been bought or sold in the past cannot be relied upon as a guide to
future performance. Persons needing advice should consult an independent
financial adviser. No statement in this announcement is intended to be a
profit forecast and no statement in this announcement should be interpreted to
mean that earnings or target dividend per share of the Company for the current
or future financial years would necessarily match or exceed the historical
published earnings or dividends per share of the Company.

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into or forms part of this announcement.
The WRAP Retail Offer Shares to be issued or sold pursuant to the WRAP Retail
Offer will not be admitted to trading on any stock exchange other than the
London Stock Exchange.

It is further noted that the WRAP Retail Offer was only open to investors in
the United Kingdom who fall within Article 43 of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended (which includes
an existing member of the Company).

Shard Capital Partners LLP (trading as Tennyson Securities) ("Tennyson"),
which is authorised and regulated by the FCA in the United Kingdom, is acting
as broker to the Company in connection with the Placing. Tennyson will not be
responsible to any person other than the Company for providing the protections
afforded to clients of Tennyson or for providing advice to any other person in
connection with the Fundraise. Tennyson has not authorised the contents of, or
any part of, this announcement, and no liability whatsoever is accepted by
Tennyson for the accuracy of any information or opinions contained in this
announcement or for the omission of any material information.

SPARK Advisory Partners Limited ("SPARK"), which is authorised and regulated
by the FCA in the United Kingdom, is acting Nominated Adviser to the Company
in connection with the Placing. SPARK has not authorised the contents of, or
any part of, this announcement, and no liability whatsoever is accepted by
SPARK for the accuracy of any information or opinions contained in this
announcement or for the omission of any material information. The
responsibilities of SPARK as the Company's Nominated Adviser under the AIM
Rules for Companies and the AIM Rules for Nominated Advisers are owed solely
to London Stock Exchange plc and are not owed to the Company or to any
director or shareholder of the Company or any other person, in respect of its
decision to acquire shares in the capital of the Company in reliance on any
part of this announcement, or otherwise.

 

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