Block Energy PLC Exercise of Warrant (9019W)

TIDMBLOE

RNS Number : 9019W

Block Energy PLC

16 December 2019

16 December 2019

Block Energy Plc

("Block" or the "Company")

Exercise of Warrant

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, announces that, on 13 December 2019, it allotted 900,000 new ordinary shares of 0.25 pence each in the Company ("Ordinary Shares") pursuant to the exercise of a warrant. Application will be made for the admission to trading on AIM ("Admission") for the new Ordinary Shares. The warrant exercised had an exercise price of 4 pence, and amounts in aggregate to GBP36,000. The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company. Admission of the new Ordinary Shares is expected on or around 19 December 2019.

Following Admission, the Company's issued share capital will comprise 394,438,662 Ordinary Shares which may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules. The Company does not hold any shares in treasury.

For further information please visit http://www.blockenergy.co.uk/ or contact:

 
 Paul Haywood                                 Block Energy Plc                  Tel: [phone] 
  (Chief Executive Officer) 
 Neil Baldwin                                 Spark Advisory Partners Limited   Tel: [phone] 
  (Nominated Adviser) 
 Peter Krens                                  Mirabaud Securities Limited       Tel: [phone] 
  (Corporate Broker) 
 Billy Clegg / Owen Roberts / Violet Wilson   Camarco                           Tel: [phone] 
  (Financial PR) 
 

Notes to editors

Block Energy is an AIM-listed independent oil and gas company focused on production and development in the Republic of Georgia, applying innovative technology to realise the full potential of previously discovered fields. The company is pursuing a fully-funded multi-well programme through 2019/20 designed to convert contingent resources to reserves, and reserves to revenue.

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 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 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.

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December 16, 2019 02:00 ET (07:00 GMT)