REG - Block Energy PLC - Results of Annual General Meeting

Block EnergyAnnouncement

20/06/2023 10:30

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RNS Number : 3077D  Block Energy PLC  20 June 2023

20 June 2023

 

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 30(th) May 2023 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           177,030,686  99.67%  528,310     0.30%      62,800
 statements for the year ended 31 December 2022.
 2. To re-elect Philip Dimmock as a director of the Company.                     164,808,935  92.79%  12,750,061  7.18%      62,800
 3. To re-appoint PKF Littlejohn LLP as the Company's auditor.                   174,266,836  98.11%  3,317,160   1.87%      37,800
 4. To authorise the directors to allot relevant securities to the Company's     169,979,771  95.70%  7,639,225   4.30%      2,800
 Employee Benefit Trust.
 5. To authorise the directors to allot relevant securities pursuant to Section  164,370,583  92.54%  13,248,413  7.46%      2,800
 551 of the Companies Act 2006.
 6. To authorise the directors to allot equity securities pursuant to Section    159,478,612  89.79%  18,140,384  10.21%     2,800
 570 of the Companies Act 2006.
 7. To amend the Company's Articles of Association.                              174,718,824  98.37%  2,840,172   1.60%      62,800

 

As at the date of the AGM, the number of issued ordinary shares of the Company
was 689,551,104 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/
(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. 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 XI(B) 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 XI(F) 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 1.07 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, ERCE 2022).

In 2022, a Competent Person's Report provided by ERCE, ascribed 3P reserves of
3.01 million barrels, with an NPV project value of USD 57 million, to just a
portion of the West Rustavi/Krtsanisi Middle Eocene reservoir.

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.

·    MMbbls: million barrels.

·    MMboe: million barrels of oil equivalent.

·    MMcf: million cubic feet.

 

 

 

 

 

 

 

 

 

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