BLOE Block Energy Plc

TIDMBLOE

RNS Number : 9812Q

Block Energy PLC

24 June 2020

24 June 2020

Block Energy plc

(the "Company")

Cancellation of Options

Block Energy Plc, the exploration and production company focused on Georgia, announces that the options to acquire 246,157 ordinary shares of 0.25 pence each at nil cost that were issued on 1 June 2020 to Roger McMechan, who is a director of the Company, have been cancelled pursuant to the termination of his employment.

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 /          Camarco                       Tel: +44 (0)20 
   Owen                                                 3757 4980 
   Roberts / Violet 
   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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