TIDMBLOE
RNS Number : 7598K
Block Energy PLC
06 September 2021
6 September 2021
Block Energy plc
("Block" or the "Company")
Board Changes
Block Energy plc, the development and production company focused
on Georgia, is pleased to announce the proposed appointment of Dr
Kenneth "Ken" Seymour as an independent Non-Executive Director,
subject to the completion of the Nominated Adviser's usual
regulatory due diligence checks.
Dr Seymour has worked with major and minor petroleum Exploration
& Production companies for over 40 years as drilling engineer,
drilling superintendent, drilling manager, general manager,
director and adviser in the North Sea and on international
assignments in Netherlands, China, Pakistan, Angola, Nigeria and
Indonesia. Ken is currently an independent consultant focusing on
dispute resolution, drilling optimisation and geothermal energy for
HKA Global, Seplat Energy and Ceraphi Energy.
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 the Aberdeen Universities
and has authored twenty-seven presentations on well engineering and
upstream management.
The appointment of Dr Seymour has been made following the
Company's internal and external procedures and process but, as
outlined above, remains subject to regulatory due diligence checks
by the Nominated Adviser.
The Company also announces that Charles " Chuck" Valceschini ,
independent Non-Executive Director, has tendered his notice of
resignation as a director of the Company. He will continue to serve
as a director until his notice period expires on 3 December 2021
.
Commenting, Philip Dimmock, Chairman of Block Energy, said:
" On behalf of the Board, I thank Chuck for his contribution to
the Company, and wish him every success for the future.
I am delighted that Ken has agreed to join the Board of Block.
His extensive international experience will significantly benefit
many aspects of the business, particularly drilling operations,
asset management and business development. In addition to Ken
having been through the Company's recruitment process, I have no
doubt of the tremendous contribution he can bring and the benefits
that will come from that for the Company and all shareholders."
Further information in relation to Kenneth Paul Seymour
In addition to his appointment to the Board, Dr Kenneth Paul
Seymour, aged 67, holds or has held the following directorships or
partnerships in the past five years:
Current Directorships Previous Directorships
Pennmen Limited [England] Nordic Energy plc [England]
Pennmen Property Limited [England]
Dr Seymour was appointed a director of Nordic Energy plc in
2013, and following the resignation of the other founding directors
in 2015, he assumed the role of interim CEO and placed the company
into voluntary liquidation, winding the company up between 2016 and
2019. According to the liquidator's statement of affairs, the
shortfall to creditors was approximately GBP283,000. Nordic Energy
was dissolved in November 2019.
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.
In common with other Block directors (as announced in the
Operations Update issued on 7 April 2020), Dr Seymour 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.
Dr Seymour is the beneficial owner of 465,313 ordinary shares in
the Company, representing 0.07% of the Company's current issued
share capital.
A further announcement is expected to be made shortly confirming
Dr Seymour's appointment.
**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 3468
(Chief Executive Officer) 9891
Neil Baldwin Spark Advisory Partners Tel: +44 (0)20 3368
(Nominated Adviser) Limited 3554
Peter Krens Tennyson Securities Tel: +44 (0)20 7186
(Corporate Broker) 9030
P hilip Dennis / M ark Celicourt Tel: +44 (0)20 8434
Antelme 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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