Block Energy PLC Result of GM (3136I)

TIDMBLOE

RNS Number : 3136I

Block Energy PLC

11 August 2021

Block Energy plc

("Block" or "the Company")

Result of General Meeting

Following today's General Meeting ("GM"), convened by the Notice of a GM dated 23 July 2021, Block is pleased to announce that both resolutions proposed by Forest Nominees Limited (on behalf of G.P. (Jersey) Limited) and set out in the Notice of a GM were rejected by shareholders.

The results of the poll for each resolution were as follows:

 
            Resolution                   For       % For      Against     % Against 
 1. THAT Philip Dimmock be 
  removed from office as director 
  of the Company with immediate 
  effect.                            140,566,909   36.84%   240,980,994    63.16% 
                                    ------------  -------  ------------  ---------- 
 2. THAT Charles Valceschini 
  be appointed as non-executive 
  Chairman of the Company with 
  immediate effect.                  139,944,209   37.79%   230,388,805    62.21% 
                                    ------------  -------  ------------  ----------

As at the date of the GM, the number of issued ordinary shares of the Company was 625,979,318 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 "against" total.

The poll was conducted by the Company's registrar and the Company appointed Neville Registrars Limited to act as independent assessor to report that:

   a)    the procedures adopted in connection with the poll or polls were adequate; 
   b)    the votes cast (including proxy votes) were fairly and accurately recorded and counted; 
   c)    the validity of members' appointments of proxies was fairly assessed;

d) the notice of the meeting complied with section 325 (notice of meeting to contain statement of rights to appoint proxy); and

e) section 326 (company-sponsored invitations to appoint proxies) was complied with in relation to the meeting.

The Board is pleased with the overall level of support it has received in relation to the resolutions put to the meeting. It acknowledges, however, the significant vote for the resolutions, and commits to continue to engage with all shareholders to understand their views and/or any specific concerns.

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                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, 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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August 11, 2021 06:28 ET (10:28 GMT)

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