Block Energy P. Regulatory News (BLOE)

13 August 2021

Block Energy plc

("Block" or the "Company")

Board Appointment

Block Energy plc, the development and production company focused on Georgia, is pleased to announce the appointment of Jeremy Asher as a Non-Executive Director with immediate effect.

Jeremy is currently Chairman and CEO of Tower Resources plc, an AIM-traded oil and gas E&P company with a sub-Saharan-African focus, and owner of Agile Energy Limited, a company that invests in energy projects worldwide, with a focus on upstream oil and gas.

Previously, Jeremy was a director of NYSE-listed Pacific Drilling SA, where he chaired the Remuneration Committee. Jeremy also served as Deputy Chairman of LSE-listed Gulf Keystone Petroleum Limited, and as a director of TASE-listed Oil Refineries Ltd.

Following several years as a management consultant, he co-headed the global oil products trading business at Marc Rich & Co AG (now Glencore plc) and then with partners acquired, developed and sold the 275,000 bopd Beta oil refinery at Wilhelmshaven in Germany. Between 1998 and 2001, he was CEO of PA Consulting Group, and since that time has been an investor and director in various public and private companies.

Jeremy has a BSc (Econ.) Mathematical Economics & Econometrics, with First Class Honours, from the London School of Economics and Political Science. He also has an MBA, with High Distinction, from Harvard University, where he was a George F Baker Scholar, and has served as a member of the London Business School's Global Advisory Council and of the Engineering Advisory Board of Imperial Innovations, when it was the commercialisation arm of Imperial College, London.

Jeremy's appointment has been made after having followed the Company's internal and external procedures and process, including interviews, due diligence, approval by the Company's Nominations Committee and its Nominated Adviser. Block is also seeking to appoint a further independent non-executive director, with an active search currently underway. That appointment will also be subject to the Company's internal and external procedures and process, as outlined above.

Commenting, Philip Dimmock, Chairman of Block Energy, said:

"I am delighted that Jeremy has agreed to join the Board of Block. His extensive experience will be of great benefit across many aspects of the business, ranging from operations to seeking continued constructive engagement and dialogue with all shareholders. In addition to Jeremy having been through the Company's recruitment process, I have previously served with Jeremy on a public company board, so I know first-hand the tremendous contribution he will bring and the benefits for the Company and all shareholders."

Further information in relation to Jeremy Benjamin Gerald Asher

In addition to his appointment to the Board, Mr. Asher, aged 63, holds or has held the following directorships or partnerships in the past five years: 

For companies incorporated outside the UK, the countries of incorporation is shown in square brackets in the table above.

From March 2009 to May 2013, Mr Asher was a director of Better Place Danmark A/S, which was placed into bankruptcy in 2013, after its parent company and major creditor Better Place Inc was placed in liquidation.

From 2011 to 2018, Mr Asher was a director of Pacific Drilling SA, which was subject to a Chapter XI process in the USA between November 2017 and November 2018.

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.

Like the other Block directors (as announced in the Operations Update issued on 7 April 2020), Mr Asher 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.

Mr Asher does not hold any shares in the Company.

**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:

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 XIB. Licence block XIB 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.