TIDMBLOE
RNS Number : 5701J
Block Energy PLC
13 December 2022
13 December 2022
Block Energy plc
("Block" or the "Company")
Issue of Shares to Jindal Petroleum (Georgia) Limited
Block Energy plc, the development and production company focused
on Georgia, announces that it has issued shares to Jindal Petroleum
(Georgia) Limited ("Jindal").
A total of 120,000,000 nil-cost options were granted in 2020 to
SLB (formerly Schlumberger) as consideration for the acquisition of
Schlumberger Rustaveli Company Limited ("SRCL"), which held
Georgia's most productive licence, XI(B) . As part of the
Transaction, SLB assigned a total of 12,000,000 nil-cost options to
Jindal (the licence owner of XI(B) prior to SLB).
As such, the Company has today issued 12,000,000 shares to
Jindal and will hold such shares in certificate form. As previously
announced, SLB notified the Company of its intention not to
exercise its right to acquire 108,000,000 shares under the Option
Agreement.
Application will be made for the admission to trading on AIM
("Admission") for the 12,000,000 ordinary shares. The 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 19 December 2022.
Total Voting Rights
Following Admission, the Company's issued share capital will
comprise 680,638,392 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 680,638,392 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
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. 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 estimated gross unrisked 2C
contingent resources of 200 MMbbls of oil.
The Company has a 100% working interest in licence block XI (F)
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 1.07 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, ERCE 2022).
In 2022, a Competent Person's Report provided by ERCE, ascribed
3P reserves of 3.01 million barrels, with an NPV project value of
USD 57 million, to just a portion of the West Rustavi/Krtsanisi
Middle Eocene reservoir.
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.
-- bopd: barrels of oil per day.
-- Mbbls: thousand barrels.
-- MMbbls: million barrels.
-- MMboe: million barrels of oil equivalent.
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEBKNBQBBDDPBD
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December 13, 2022 07:48 ET (12:48 GMT)
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