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13 Sep 2022 16:32
13 September 2022
Block Energy plc
("Block" or the "Company")
Board Change
Block Energy plc, the development and production company focused on Georgia, announces that, William McAvock, Chief Financial Officer, has agreed to resign from the board with effect from 30 September 2022, following the publication of the Company's interim results for the six months period ended 30 June 2022.
This is a consequence of the Company's decision to make the position of Chief Financial Officer redundant, as part of the Company's continuing efforts to improve efficiency across its business.
William's existing responsibilities will be transferred to the CEO, the finance and commercial teams, and existing external advisors and overseen by the Company's financially experienced non-executive directors.
During his service of over three years, William was instrumental in the acquisition and integration of licences IX and XIB into Block's portfolio and in improving efficiencies across the Company.
The Remuneration Committee has used discretion to extend the expiry date of William's long-term incentive plan options ("LTIP Options") as follows:
Date of Issue | Revised expiry date | Number of LTIP Options granted | Number of LTIP Options exercisable | Number of LTIP Options that will lapse on 13 December 2022 | Exercise Price |
01-Mar-21 | 30-Sep-23 | 4,500,000 | 4,166,667 | 333,333 | £0.04 |
08-Apr-22 | 30-Sep-23 | 4,500,000 | 3,062,500 | 1,437,500 | £0.01325 |
He also holds 7,097,899 exercisable nil cost options, which were granted under the Company's salary sacrifice scheme, and the expiry date of these options will also be revised to 30 September 2023.
Block Energy plc's Chairman, Philip Dimmock, said:
"On behalf of the Board, I would like to thank William for his strong contribution to positioning the Company for further growth and value creation. The Board and I wish him well in his future endeavours."
**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 (Chief Executive Officer) | Block Energy plc | Tel: +44 (0)20 3468 9891 |
Neil Baldwin (Nominated Adviser) | Spark Advisory Partners Limited | Tel: +44 (0)20 3368 3554 |
Peter Krens (Corporate Broker) | Tennyson Securities | Tel: +44 (0)20 7186 9030 |
Mark Antelme Philip Dennis (Financial PR Adviser) | Celicourt Communications | Tel: +44 (0)20 8434 2643 |
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, where 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 XIB 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 defined gross unrisked 2C contingent resources of 200 MMbbls of oil.
The Company has a 100% working interest in the 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 over 75 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.
Stephen James BSc, MBA, PhD (Block Energy's Subsurface Manager) has reviewed the reserve, resource and production information contained in this announcement. Dr James is a geoscientist with more than 40 years' experience in field development and reservoir management.
Glossary
· bbls: barrels. A barrel is 35 imperial gallons.
· Bcf: billion cubic feet.
· boe: barrels of oil equivalent.
· bopd: barrels of oil per day.
· Mbbls: thousand barrels.
· MMbbls: million barrels.
· MMboe: million barrels of oil equivalent.
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