20 June 2024
Block Energy
plc
("Block"
or the "Company")
Results of Annual General
Meeting
Block Energy plc, the development
and production company focused on Georgia, is pleased to announce
that, at the Annual General Meeting ("AGM") of the Company convened
by the Notice of AGM dated 28 May 2024 and held earlier today, all
resolutions set out in the Notice of AGM were approved by
shareholders.
All resolutions of the poll have
been passed. Detailed results of the poll from the AGM can be found
on Block's website via the following link:
https://www.blockenergy.co.uk/investors/circulars-presentations-and-reports/
As at the date of the AGM, the
number of issued ordinary shares of the Company
was 733,395,937 shares, which was the total number of
shares entitling the holders to attend and vote for or against all
resolutions. In accordance with the Company's Articles of
Association, on a poll every member has one vote for every share
held. Votes withheld are not votes in law and have not been
counted in the calculation of the proportion of vote "for" or
"against" a resolution. Proxy appointments which gave
discretion to the Chairman have been included in the "for"
total.
**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
(Chief Executive Officer)
|
Block Energy plc
|
Tel: +44 (0)20 3468 9891
|
|
Neil
Baldwin
(Nominated Adviser)
|
Spark Advisory Partners Limited
|
Tel: +44 (0)20 3368 3554
|
|
Peter
Krens
(Corporate Broker)
|
Tennyson Securities
|
Tel: +44 (0)20 7186 9030
|
|
Philip Dennis / Mark Antelme
(Financial PR)
|
Celicourt
Communications
|
Tel: +44 (0)20 8434
2643
|
Notes to editors
Block Energy plc is an AIM quoted
independent oil and gas production and development company with a
strategic focus on unlocking the energy potential of Georgia. With
interests in seven Production Sharing Contracts in central Georgia,
covering an area of 4,256 km2,
including the XIB licence which has over 2.77TCF of 2C contingent
gas resources, with
an estimated Net Present Value 10 ("NPV") of USD 1.65 billion, in the Patardzueli-Samgori, Rustavi and Teleti
fields. (Source: IER, OPC 2024 &
Internal estimates).
The Company has structured its
operations around a four-project strategy. These projects,
characterized by development stage, hydrocarbon type, and
reservoir, are pursued concurrently to achieve multiple objectives.
This includes increasing existing production, redeveloping fields,
discovering new oil and gas deposits, and capitalizing on the
substantial, yet untapped, gas resource across its licences. The
goal is to deliver on multi TCF gas assets, strategically well
located for the key EU market, supported by partner funding and
cash from existing producing assets.
Located near the Georgian capital of
Tbilisi, Block Energy is well-positioned to contribute
significantly to the region's energy landscape. This proximity
facilitates seamless operations and underscores our commitment to
the economic and energy development of Georgia.