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Share Name Share Symbol Market Type Share ISIN Share Description
Block Energy Plc LSE:BLOE London Ordinary Share GB00BF3TBT48 ORD SHS GBP0.0025
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.10 -2.38% 4.10 4.00 4.20 4.10 4.10 4.10 724,867 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.3 -6.1 -2.0 - 18

Block Energy PLC Update on acquisition of SRCL

20/11/2020 7:00am

UK Regulatory (RNS & others)


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RNS Number : 9481F

Block Energy PLC

20 November 2020

20 November 2020

Block Energy Plc

("Block" or the "Company")

Update on the Acquisition of the Schlumberger Rustaveli Company Limited

Block Energy plc, the exploration and production company focused on Georgia, is pleased to provide an update regarding the Company's previously disclosed acquisition of Schlumberger Rustaveli Company Limited ("SRCL"). Block is pleased to announce that some amendments have been made to the sale and purchase agreement ("SPA") with Schlumberger B.V. ("Schlumberger") that was announced on 26 March 2020 by way of an amendment and settlement deed (the "Deed"), including the following:

   --    Completion to occur on 23 November 2020, subject to certain conditions; 

-- On completion, Block to take possession of approximately 29,000 bbls of crude oil inventory (the "Oil Inventory"); and

-- Schlumberger to enter into a transition services agreement with Block, to assist with the handover.

Under the SPA, the cash proceeds from any sales of Oil Inventory were payable to Schlumberger, but the Deed transferred the Oil Inventory to Block. The Oil Inventory is a welcome boost to Block's balance sheet and will support the Company in its integration of the assets and incremental production, into the Block portfolio.

The technical assistance from Schlumberger post-closing will enable Block to ensure a full and detailed transfer of technical and corporate information and to seamlessly take over the SRCL oil and gas operations.

Block Energy Chief Executive Officer, Paul Haywood, said:

"I am delighted to be able to inform shareholders about the amendments to the SPA and that the acquisition of Blocks XI(B) and IX is in near sight.

We look forward to 23 November, when we will commence ownership of these transformational assets. They will truly define our future as an oil and gas company in Georgia."

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

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

 
 Paul Haywood                                 Block Energy Plc 
  (Chief Executive Officer) 
 Neil Baldwin                                 Spark Advisory Partners Limited   Tel: +44 (0)20 3368 3554 
  (Nominated Adviser) 
 Peter Krens                                  Mirabaud Securities Limited       Tel: +44 (0)20 3167 7221 
  (Corporate Broker) 
 Billy Clegg / Owen Roberts / Violet Wilson   Camarco                           Tel: +44 (0)20 3757 4980 
  (Financial PR) 
 

Notes to editors

Block Energy 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.

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. In March 2020, the Company entered into a conditional sale and purchase agreement to acquire a company that holds Georgian onshore Blocks IX and XI(B) .

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.   Mbbls: thousand barrels. 
   3.   MMbbls: million barrels. 
   4.   BCF: billion cubic feet. 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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November 20, 2020 02:00 ET (07:00 GMT)

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