10:57 Fri 06 Nov 2020
Block Energy PLC - Exercise of Options
Block Energy plc
("Block Energy", "Block" or the "Company")
Exercise of Options
Block Energy Plc, the exploration and production company focused on
The exercise will be satisfied using existing shares held in the Block Energy plc Employee Benefit Trust ("EBT"). Following the exercise of these options, the remaining number of shares held by the EBT will be 38,037,556, representing 8.68 per cent of the current total issued share capital.
The Company's total issued share capital at the date of this announcement therefore remains unchanged at 438,018,017 ordinary shares with one voting right each. As the Company does not hold any shares in treasury, this is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
For further information please visit http://www.blockenergy.co.uk/ or contact:
| (Chief Executive Officer) | Block Energy Plc | Tel: +44 (0)20 3980 6250 |
| (Nominated Adviser) | SPARK Advisory Partners Limited | Tel: +44 (0)20 3368 3554 |
| (Corporate Broker) | Mirabaud Securities Limited | Tel: +44 (0)20 3167 7221 |
| (Financial PR) | Camarco | Tel: +44 (0)20 3757 4980 |
Notes to editors
Block Energy is an AIM-listed independent oil and gas company focused on production and development in
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:
Block Energy also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. In
The Company offers a clear entry point for investors to gain exposure to
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