Block Energy PLC Result of GM; Issue of Equity (1501K)
December 30 2020 - 6:23AM
UK Regulatory
TIDMBLOE
RNS Number : 1501K
Block Energy PLC
30 December 2020
30 December 2020
Block Energy plc
("Block Energy", "Block" or the "Company")
Result of GM; Issue of Equity
Block Energy plc, the development and production company focused
on Georgia, is pleased to announce that, at the General Meeting
held earlier today, both resolutions were passed with 99.90% of
votes cast in favour.
The Company confirms that 176,000,000 new ordinary shares of
GBP0.0025 (0.25 pence) each ("New Shares") have today been allotted
to existing and new investors at an issue price of 3 pence per
ordinary share. It is expected that the New Shares will be admitted
to trading on AIM ("Admission") at 8.00 a.m. on 31 December
2020.
Total Voting Rights
Following Admission, the Company's issued share capital will
comprise 614,542,093 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.
Capitalised terms used, but not defined, in this announcement
have the same meaning as in the 3 December 2020 announcement.
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (eu) 596/2014
-Ends-
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 Mirabaud Securities Limited Tel: +44 (0)20
(Corporate Broker) 3167 7221
Billy Clegg / Owen Camarco Tel: +44 (0)20
Roberts / Violet 3757 4980
Wilson
(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 recently acquired 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
million boe 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. MMCF/d: million cubic feet per day.
7. BCF: billion cubic feet.
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END
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