TIDMBLOE
RNS Number : 5226I
Block Energy PLC
13 August 2021
13 August 2021
Block Energy plc
("Block" or the "Company")
Board Appointment
Block Energy plc, the development and production company focused
on Georgia, is pleased to announce the appointment of Jeremy Asher
as a Non-Executive Director with immediate effect.
Jeremy is currently Chairman and CEO of Tower Resources plc, an
AIM-traded oil and gas E&P company with a sub-Saharan-African
focus, and owner of Agile Energy Limited, a company that invests in
energy projects worldwide, with a focus on upstream oil and
gas.
Previously, Jeremy was a director of NYSE-listed Pacific
Drilling SA, where he chaired the Remuneration Committee. Jeremy
also served as Deputy Chairman of LSE-listed Gulf Keystone
Petroleum Limited, and as a director of TASE-listed Oil Refineries
Ltd.
Following several years as a management consultant, he co-headed
the global oil products trading business at Marc Rich & Co AG
(now Glencore plc) and then with partners acquired, developed and
sold the 275,000 bopd Beta oil refinery at Wilhelmshaven in
Germany. Between 1998 and 2001, he was CEO of PA Consulting Group,
and since that time has been an investor and director in various
public and private companies.
Jeremy has a BSc (Econ.) Mathematical Economics &
Econometrics, with First Class Honours, from the London School of
Economics and Political Science. He also has an MBA, with High
Distinction, from Harvard University, where he was a George F Baker
Scholar, and has served as a member of the London Business School's
Global Advisory Council and of the Engineering Advisory Board of
Imperial Innovations, when it was the commercialisation arm of
Imperial College, London.
Jeremy's appointment has been made after having followed the
Company's internal and external procedures and process, including
interviews, due diligence, approval by the Company's Nominations
Committee and its Nominated Adviser. Block is also seeking to
appoint a further independent non-executive director, with an
active search currently underway. That appointment will also be
subject to the Company's internal and external procedures and
process, as outlined above.
Commenting, Philip Dimmock, Chairman of Block Energy, said:
"I am delighted that Jeremy has agreed to join the Board of
Block. His extensive experience will be of great benefit across
many aspects of the business, ranging from operations to seeking
continued constructive engagement and dialogue with all
shareholders. In addition to Jeremy having been through the
Company's recruitment process, I have previously served with Jeremy
on a public company board, so I know first-hand the tremendous
contribution he will bring and the benefits for the Company and all
shareholders."
Further information in relation to Jeremy Benjamin Gerald
Asher
In addition to his appointment to the Board, Mr. Asher, aged 63,
holds or has held the following directorships or partnerships in
the past five years:
Current Directorships Previous Directorships
Agile Energy Limited [Guernsey] SCI Rus in Urbis [France]
Pegasus Petroleum Limited [Guernsey] Tower Resources (Kenya)
Limited
First Mercury Investments Inc. [British Tower Resources (UK) Limited
Virgin Islands]
Tower Resources plc Wilton Petroleum Limited
Tower Resources (Namibia) Limited Pacific Drilling SA [Luxembourg]
Tower Resources Cameroon Limited
Tower Resources (Namibia) Holdings
Limited
Inside Track 2 LLP
6197 Calle Valencia LLC [United
States]
For companies incorporated outside the UK, the countries of
incorporation is shown in square brackets in the table above.
From March 2009 to May 2013, Mr Asher was a director of Better
Place Danmark A/S, which was placed into bankruptcy in 2013, after
its parent company and major creditor Better Place Inc was placed
in liquidation.
From 2011 to 2018, Mr Asher was a director of Pacific Drilling
SA, which was subject to a Chapter XI process in the USA between
November 2017 and November 2018.
Save for the information above, there are no further disclosures
to be made in accordance with Rule 17, Schedule 2(g) of the AIM
Rules for Companies in respect of the appointment.
Like the other Block directors (as announced in the Operations
Update issued on 7 April 2020), Mr Asher has agreed that 50% of his
fees will to be paid in nil-cost options to acquire ordinary shares
in the Company. The number of options will be calculated using the
volume weighted average price over the monthly fee period.
Mr Asher does not hold any shares in the Company.
**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 Celicourt Tel: +44 (0)20
/ M ark Antelme 8434 2643
(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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