Further to the announcement on 26 July 2021 about the posting of the Notice of a General Meeting of its shareholders, Block Energy plc, the development and production company focused on Georgia, announces that the petitioner who called for the General Meeting has, under section 314(1) of the Companies Act, submitted a statement to the Company.
This statement, together with a response from the Board of Block, will be posted to shareholders later today and is now available in the Investors section of the Company’s website at www.blockenergy.co.uk/investors/circulars-presentations-and-reports/.
The general meeting will be held at 10:00 a.m. on 11 August 2021 at Landmark Office Space, 33 Cavendish Square, London W1G 0PW.
The result of the general meeting will be announced after its conclusion and published on the Company’s website.
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, 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.
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