Block Energy PLC Request to requisition General Meeting (3693G)
July 26 2021 - 2:00AM
UK Regulatory
TIDMBLOE
RNS Number : 3693G
Block Energy PLC
26 July 2021
26 July 2021
Block Energy plc
("Block" or the "Company")
Request to requisition General Meeting
Block Energy plc, the development and production company focused
on Georgia, announces that, on 24 July 2021, it received a second
letter from Forest Nominees Limited (the "Second Letter"), which is
the legal holder of 31,308,000 ordinary shares, representing 5.00
per cent of the issued ordinary share capital of the Company, as
nominee for G.P. (Jersey) Limited.
The Second Letter requests the Company to convene a further
general meeting (in addition to the general meeting that has been
convened on 11 August 2021, as set out in the RNS announcement
issued at around 7:00 a.m. today) of the Company's shareholders
pursuant to section 303 of the Companies Act 2006 (the "Act") and
consider and, if thought fit, propose a resolution to commission an
independent forensic investigation into the affairs of the
Company.
A copy of the Second Letter is included as an appendix to this
release. To view it, click on the following link, or paste it into
your web browser:
https://www.blockenergy.co.uk/wp-content/uploads/2021/07/Second-s303-request-from-Forest-Nominees-Limited.pdf
The board of directors ("Board") regrets that this action has
been taken at a time when the Company is in the middle of drilling
a well pursuant to a shareholder-mandated strategy and considers
the requisition of this second general meeting to be unwelcome and
unnecessary. The Board is of the view that the resolution is not in
the best interests of the Company and its shareholders as a whole
and intends to recommend that shareholders vote against the
resolution at any requisitioned general meeting.
The Board intends to comply with its obligations in accordance
with section 304 of the Act, which requires it to call a general
meeting within 21 days of receipt of a valid requisition and to
hold such general meeting on a date not more than 28 days after the
date of the notice convening such general meeting.
Shareholders are advised to take no action at this time. Further
announcements will be made in due course.
**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 / Philip Celicourt Communications Tel: +44 (0)20
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, 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.
Glossary
1. bbls: barrels. A barrel is 35 imperial gallons.
2. boe: barrels of oil equivalent.
3. bopd: barrels of oil per day.
4. Mbbls: thousand barrels.
5. MMbbls: million barrels.
6. MMboe: million barrels of oil equivalent.
7. Bcf: billion cubic feet.
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END
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