Block Energy plc, the development and production company focused on Georgia, is pleased to note the report published by Institutional Shareholder Services Inc (“ISS”) recommending the Company’s shareholders to vote AGAINST both resolutions proposed by Forest Nominees Limited on behalf of GP Jersey at the general meeting to be held on 11 August 2021.
The ISS report was published on 30 July 2021, following the section 314 statement from Forest Nominees Limited / GP Jersey, which was sent by the Company to its shareholders on 30 July 2021.
Based on the independent recommendation by ISS, as well as the various reasons outlined by Block in its Notice of a General Meeting dated 23 July 2021 ( https://www.blockenergy.co.uk/wp-content/uploads/2021/07/261684-Block-Energy-Notice.pdf ) and Circular dated 30 July 2021 ( https://www.blockenergy.co.uk/wp-content/uploads/2021/07/261735-Block-Energy-Circular.pdf ), the Board recommends shareholders to vote AGAINST both resolutions proposed.
For further information please visit http://www.blockenergy.co.uk/ or contact:
Paul Haywood
(Chief Executive Officer)
Block Energy plc
Tel: +44 (0)20 3468 9891
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.
