Block Energy PLC Board Change (1169L)

TIDMBLOE

RNS Number : 1169L

Block Energy PLC

08 September 2021

8 September 2021

Block Energy plc

("Block" or the "Company")

Board Change

Block Energy plc, the development and production company focused on Georgia, is pleased to announce that, further to the notification of 6 September 2021, regulatory due diligence checks on Dr Kenneth "Ken" Seymour by the Nominated Adviser are complete and he has joined the Board with effect from 7 September 2021.

Commenting, Philip Dimmock, Chairman of Block Energy, said:

" As previously announced, in a number of jurisdictions, Ken has had a distinguished career in the management of drilling operations, asset mananagenent and strategy formulation.

I look forward to his bringing his experience and skills to bear on the Company's operations in Georgia and the corporate planning of Block Energy."

**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: [phone] 
  (Chief Executive Officer)                              9891 
 Neil Baldwin                 Spark Advisory Partners   Tel: [phone] 
  (Nominated Adviser)          Limited                   3554 
 Peter Krens                  Tennyson Securities       Tel: [phone] 
  (Corporate Broker)                                     9030 
 P hilip Dennis / M ark       Celicourt                 Tel: [phone] 
  Antelme                                                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, which is comprised 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historic 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 highly prospective 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.    boe: barrels of oil equivalent. 
   3.    bopd: barrels of oil per day. 
   4.    Mbbls: thousand barrels. 
   5.    MMbbls: million barrels. 
   6.    MMboe: million barrels of oil equivalent. 
   7.    Bcf: billion cubic feet. 

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END

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September 08, 2021 05:09 ET (09:09 GMT)