REG - Block Energy PLC - Results of Annual General Meeting

Block EnergyAnnouncement

03/08/2022 13:45

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RNS Number : 8141U  Block Energy PLC  03 August 2022

3 August 2022

Block Energy plc

("Block" or the "Company")

Results of Annual General Meeting

Block Energy plc, the development and production company focused on Georgia,
is pleased to announce that, at the Annual General Meeting ("AGM") of the
Company convened by the Notice of AGM dated 8 July 2022 and held earlier
today, all resolutions set out in the Notice of AGM were approved by
shareholders.

The results of the poll for each resolution were as follows:

 Resolution                                                                      For          % For   Against     % Against  Withheld
 1. To receive and adopt the report of the directors and the financial           172,612,532  99.07%  1,622,827   0.93%      5,126,840
 statements for the year ended 31 December 2021.
 2. To re-elect Paul Haywood as a director of the Company.                       149,313,540  87.15%  22,021,493  12.85%     30,279
 3. To elect Jeremy Asher as a director of the Company.                          168,436,112  97.84%  3,710,265   2.16%      7,215,822
 4. To elect Kenneth Seymour as a director of the Company.                       169,382,719  98.33%  2,882,926   1.67%      7,096,554
 5. To authorise the Directors to select and appoint an independent audit firm   171,147,612  98.23%  3,087,747   1.77%      5,126,840
 as the Company's auditor and to authorise the directors to determine their
 remuneration.
 6. To authorise the directors to allot relevant securities pursuant to Section  161,159,912  92.71%  12,675,372  7.29%      5,526,915
 551 of the Companies Act 2006.
 7. To authorise the directors to allot equity securities pursuant to Section    159,853,449  91.97%  13,954,356  8.03%      5,554,394
 570 of the Companies Act 2006.

 

As at the date of the AGM, the number of issued ordinary shares of the Company
was 659,572,340 shares, which was the total number of shares entitling the
holders to attend and vote for or against all resolutions. In accordance with
the Company's Articles of Association, on a poll every member has one vote for
every share held. Votes withheld are not votes in law and have not been
counted in the calculation of the proportion of vote "for" or "against" a
resolution. Proxy appointments which gave discretion to the Chairman have
been included in the "for" total.

**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-traded 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
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 licence block XI(F), which contains
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

·    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.

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