TIDMBLOE
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 statements
for the year ended
31 December 2022. 177,030,686 99.67% 528,310 0.30% 62,800
----------- ------- ---------- ---------- --------
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 Employee
Benefit Trust. 169,979,771 95.70% 7,639,225 4.30% 2,800
----------- ------- ---------- ---------- --------
5. To authorise the
directors to allot
relevant securities
pursuant to Section
551 of the Companies
Act 2006. 164,370,583 92.54% 13,248,413 7.46% 2,800
----------- ------- ---------- ---------- --------
6. To authorise the
directors to allot
equity securities
pursuant to Section
570 of the Companies
Act 2006. 159,478,612 89.79% 18,140,384 10.21% 2,800
----------- ------- ---------- ---------- --------
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/ 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 Communications 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. 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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END
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