TIDMBLOE

RNS Number : 8984A

Block Energy PLC

30 May 2023

30(th) May 2023

Block Energy plc

("Block" or the "Company")

Posting of Notice of Annual General Meeting

Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce that the Notice of the Annual General Meeting ("AGM") and Form of Proxy are available in the Investors section of the Company's website at https://www.blockenergy.co.uk/investors/circulars-presentations-and-reports/ and has been posted to those shareholders requiring a hard copy.

The AGM will be held at the Wigmore & Regent Suite, 33 Cavendish Square, London, W1G 0PW at 10.00 AM on the 20(th) June 2023.

**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         C elicourt Communications   Tel: +44 (0)20 
  / M ark Antelme                                    8 434 2 643 
  (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. During the mid-1980s, production peaked at 67,000 bopd and cumulative production reached 100 MMbbls and 80 MMbbls of oil from the Patardzeuli and Samgori fields, respectively. The remaining 2P reserves across block XI(B) are 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe. (Source: CPR Bayphase Limited: 1 July 2015). Additionally, following an internal technical study designed to evaluate and quantify the undrained oil potential of the Middle Eocene within the Patardzeuli field, the Company has estimated gross unrisked 2C contingent resources of 200 MMbbls of oil.

The Company has a 100% working interest in licence block XI(F) containing the West Rustavi onshore oil and gas field. Multiple wells have tested oil and gas from a range of geological horizons. The field has so far produced over 75 Mbbls of light sweet crude and has 1.07 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, ERCE 2022).

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

   --    bbls: barrels. A barrel is 35 imperial gallons. 
   --    Bcf: billion cubic feet. 
   --    boe: barrels of oil equivalent. 
   --    boepd: barrels of oil equivalent per day. 
   --    bopd: barrels of oil per day. 
   --    Mbbls: thousand barrels. 
   --    Mboe: thousand barrels of oil equivalent. 
   --    Mcf: thousand cubic feet. 
   --    MMbbls: million barrels. 
   --    MMboe: million barrels of oil equivalent. 
   --    MMcf: million cubic feet.

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END

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May 30, 2023 02:00 ET (06:00 GMT)

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