Block Energy PLC Result of General Meeting (3840K)

TIDMBLOE

RNS Number : 3840K

Block Energy PLC

01 September 2021

1 September 2021

Block Energy plc

("Block" or the "Company")

Result of General Meeting

Following today's General Meeting (the "GM"), convened by the Notice of a General Meeting dated 13 August 2021 (the "Notice"), Block is pleased to announce that the resolution proposed by Forest Nominees Limited (on behalf of G.P. (Jersey) Limited) and set out in the Notice was rejected by shareholders.

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

 
            Resolution                 For       % For     Against     % Against   Withheld 
 That the board of the directors 
  of the Company commission 
  an independent forensic 
  investigation into the 
  affairs of the Company            14,087,274   6.27%   210,698,706    93.73%      2,000 
                                   -----------  ------  ------------  ----------  --------- 
 

Commenting, Philip Dimmock, Chairman, said:

"With this second requisitioned general meeting now behind us, the Board is looking forward to getting back to focusing on operations and increasing the value of the business. Drilling operations on WR-B1 continue. The well has reached total depth. Further updates will be provided after the well is completed and initial well test results become available. In the meantime, we would like to thank shareholders for their support".

As at the date of the GM, the number of issued ordinary shares of the Company was 625,979,318 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 "against" total.

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 
  (Chief Executive                                 3468 9891 
  Officer) 
 Neil Baldwin           Spark Advisory Partners   Tel: +44 (0)20 
  (Nominated Adviser)    Limited                   3368 3554 
 Peter Krens            Tennyson Securities       Tel: +44 (0)20 
  (Corporate Broker)                               7186 9030 
 P hilip Dennis         C elicourt                Tel: +44 (0)20 
  / M ark Antelme                                  8 434 2 643 
  (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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September 01, 2021 05:44 ET (09:44 GMT)