BLOE Block Energy Plc

TIDMBLOE

RNS Number : 4078Q

Block Energy PLC

18 June 2020

18 June 2020

Block Energy plc

("Block Energy", "Block" or the "Company")

Result of AGM

Following today's Annual General Meeting ("AGM"), convened by the Notice of AGM dated 15 May 2020, Block Energy Plc is pleased to announce that all resolutions set out in the Notice of AGM were approved by shareholders.

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

 
            Resolution                  For       % For     Against    % Against   Withheld 
 1. To receive and adopt 
  the report of the directors 
  and the financial statements 
  for the period ended 31 
  December 2019                     173,021,893   99.96%      60,634       0.04%    150,089 
                                   ------------  -------  ----------  ----------  --------- 
 2. To re-elect Roger McMechan 
  as a director of the Company.     167,893,773   96.92%   5,338,843       3.08%          0 
                                   ------------  -------  ----------  ----------  --------- 
 3. To re-appoint BDO LLP 
  as auditors.                      173,161,163   99.96%      71,453       0.04%          0 
                                   ------------  -------  ----------  ----------  --------- 
 4. To authorise the directors 
  to allot relevant securities 
  pursuant to Section 551 
  of the Companies Act 2006 
  in relation to the acquisition 
  of Schlumberger Rustaveli 
  Company Limited.                  172,893,773   99.80%     338,843       0.20%          0 
                                   ------------  -------  ----------  ----------  --------- 
 5. To authorise the directors 
  to allot relevant securities 
  pursuant to Section 551 
  of the Companies Act 2006.        172,763,631   99.73%     468,985       0.27%          0 
                                   ------------  -------  ----------  ----------  --------- 
 6. To authorise the directors 
  to allot equity securities 
  pursuant to Section 570 
  of the Companies Act 2006.        172,195,941   99.40%   1,036,675       0.60%          0 
                                   ------------  -------  ----------  ----------  --------- 
 

As at the date of the AGM, the number of issued ordinary shares of the Company was 435,702,834 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.

Following today's AGM result, a short video from Paul Haywood, CEO will be posted on the Company's website.

For further information please visit http://www.blockenergy.co.uk/ or contact:

 
 Paul Haywood           Block Energy Plc              Tel: +44 (0)20 
  (Chief Executive                                     3980 6250 
  Officer) 
 Neil Baldwin           SPARK Advisory Partners       Tel: +44 (0)20 
  (Nominated Adviser)    Limited                       3368 3554 
 Peter Krens            Mirabaud Securities Limited   Tel: +44 (0)20 
  (Corporate Broker)                                   3167 7221 
 Billy Clegg / Owen     Camarco                       Tel: +44 (0)20 
  Roberts / Violet                                     3757 4980 
  Wilson 
  (Financial PR) 
 

Notes to editors

Block Energy 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.

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 Energy also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. It has recently entered into a conditional sale and purchase agreement for Georgian onshore Blocks XI(B) and IX.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 18, 2020 08:14 ET (12:14 GMT)

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