Block Energy PLC Issue of Equity (1064I)
03 8월 2023 - 3:00PM
UK Regulatory
TIDMBLOE
RNS Number : 1064I
Block Energy PLC
03 August 2023
03 August 2023
Block Energy plc
("Block" or the "Company")
Issue of Equity
Block Energy plc, the development and production company focused
on Georgia, announces that it has today allotted a total of
35,124,708 ordinary shares of 0.25p each ("Ordinary Shares") to a
total of four counterparties.
This allotment includes the 30,000,000 new Ordinary Shares to
the Intertrust Employee Benefit Trustee Limited as trustee of the
Block Energy plc Employee Benefit Trust, as approved by
Shareholders (Resolution 4) at the Company's AGM on 20 June 2023.
These shares were issued at par value of 0.25p. The shares are
being issued to the Employee Benefit Trust for the purposes of
satisfying current and future grants of share incentives to
employees as part of the Company's long term incentive plan.
A further 5,124,708 new Ordinary Shares have been issued to
various service providers to the Company in satisfaction of amounts
owed of GBP68,644.
Application will be made for the admission to trading on AIM
("Admission") for the 35,124,708 new Ordinary Shares. The new
Ordinary Shares will rank pari passu in all respects with the
existing Ordinary shares of the Company. Admission is expected at
8.00 a.m. on or around 8(th) August 2023.
Total Voting Rights
Following Admission, the Company's issued share capital will
comprise 724,675,812 Ordinary Shares with one voting right each. As
the Company does not hold any shares in Treasury, the total number
of voting rights in the Company is also 724,675,812 and this figure
of ordinary shares may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.
**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 7770 6424
/ Ali AlQahtani
(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 XIB. Licence block XIB 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 XIB 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 XIF
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 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
-- 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.
-- MD: measured depth.
-- MMbbls: million barrels.
-- MMboe: million barrels of oil equivalent.
-- MMcf: million cubic feet.
-- TVD: True Vertical Depth.
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END
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