Block Energy PLC Board Change (1279M)
January 10 2023 - 1:00AM
UK Regulatory
TIDMBLOE
RNS Number : 1279M
Block Energy PLC
10 January 2023
10 January 2023
Block Energy plc
("Block" or the "Company")
Board change - Appointment of COO
Block Energy plc, the oil and gas production and development
company focused on Georgia, is pleased to announce the appointment
of Dr Ken Seymour as Chief Operating Officer ("COO"), with effect
from 10 January 2023.
Dr Seymour has over 40 years of industry experience as a
drilling engineer, drilling superintendent, drilling manager, asset
manager, director and adviser. He has worked in various parts of
the world, including the UK North Sea, the Netherlands, China,
Pakistan, Angola, Nigeria and Indonesia.
Dr Seymour graduated from Leeds University with a first-class
BSc honours degree in Mining Engineering and a PhD in Rock
Mechanics. He also obtained an MBA from Aberdeen University .
Dr Seymour was appointed to the Company's Board as a
non-executive director on 6 September 2021. In order to devote the
time needed to his new role, he will be stepping down from the
Board, with immediate effect. The Company has initiated a search
for a replacement independent non--executive director.
Commenting, Philip Dimmock, Non-Executive Chairman of Block
Energy plc, said:
"We are delighted that Ken has agreed to take up the role of COO
at Block. Applying his considerable skills and experience as a
member of the executive team, he will make an even greater
contribution to the Company's activities as it continues to
accelerate the development of its operations and projects in
Georgia. I, along with the rest of the Board, would like to thank
him for the tremendous contribution he has made as a non--executive
director."
**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
P hilip Dennis C elicourt Communications Tel: +44 (0)20
/ M ark Antelme 8 434 2 643
(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 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.
Glossary
1. bbls: barrels. A barrel is 35 imperial gallons.
2. Bcf: billion cubic feet.
3. boe: barrels of oil equivalent.
4. bopd: barrels of oil per day.
5. Mbbls: thousand barrels.
6. MMbbls: million barrels.
7. MMboe: million barrels of oil equivalent.
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END
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