TIDMBLOE
RNS Number : 3264Z
Block Energy PLC
13 September 2022
13 September 2022
Block Energy plc
("Block" or the "Company")
Board Change
Block Energy plc, the development and production company focused
on Georgia, announces that, William McAvock, Chief Financial
Officer, has agreed to resign from the board with effect from 30
September 2022, following the publication of the Company's interim
results for the six months period ended 30 June 2022.
This is a consequence of the Company's decision to make the
position of Chief Financial Officer redundant, as part of the
Company's continuing efforts to improve efficiency across its
business.
William's existing responsibilities will be transferred to the
CEO, the finance and commercial teams, and existing external
advisors and overseen by the Company's financially experienced
non-executive directors.
During his service of over three years, William was instrumental
in the acquisition and integration of licences IX and XI(B) into
Block's portfolio and in improving efficiencies across the
Company.
The Remuneration Committee has used discretion to extend the
expiry date of William's long-term incentive plan options ("LTIP
Options") as follows:
Date Revised Number Number Number of Exercise
of Issue expiry of LTIP of LTIP LTIP Options Price
date Options Options that will
granted exercisable lapse on
13 December
2022
01-Mar-21 30-Sep-23 4,500,000 4,166,667 333,333 GBP0.04
----------- ---------- ------------- -------------- -----------
08-Apr-22 30-Sep-23 4,500,000 3,062,500 1,437,500 GBP0.01325
----------- ---------- ------------- -------------- -----------
He also holds 7,097,899 exercisable nil cost options, which were
granted under the Company's salary sacrifice scheme, and the expiry
date of these options will also be revised to 30 September
2023.
Block Energy plc's Chairman, Philip Dimmock, said:
"On behalf of the Board, I would like to thank William for his
strong contribution to positioning the Company for further growth
and value creation. The Board and I wish him well in his future
endeavours."
**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
Mark Antelme Celicourt Communications Tel: +44 (0)20
Philip Dennis 8434 2643
(Financial PR Adviser)
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, where 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 defined gross
unrisked 2C contingent resources of 200 MMbbls of oil.
The Company has a 100% working interest in the 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 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.
Stephen James BSc, MBA, PhD (Block Energy's Subsurface Manager)
has reviewed the reserve, resource and production information
contained in this announcement. Dr James is a geoscientist with
more than 40 years' experience in field development and reservoir
management.
Glossary
-- bbls: barrels. A barrel is 35 imperial gallons.
-- Bcf: billion cubic feet.
-- boe: barrels of oil equivalent.
-- bopd: barrels of oil per day.
-- Mbbls: thousand barrels.
-- MMbbls: million barrels.
-- MMboe: million barrels of oil equivalent.
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END
BOAEASNDFDEAEFA
(END) Dow Jones Newswires
September 13, 2022 11:32 ET (15:32 GMT)
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