Block Energy P. Regulatory News (BLOE)

2 December 2020

Block Energy Plc

("Block Energy" or the "Company")

Issue of Equity and PDMR Dealing

Block Energy Plc, the exploration and production company focused on Georgia, announces that, on 1 December 2020, it issued nil-cost options over a total of 635,339 ordinary shares of 0.25p each ("Options") to directors/PDMRs and employees. The Options were issued in lieu of payment of cash for 40% of salaries and directors' fees for the month of November 2020, in accordance with the cash conservation measures announced on 7 April 2020. Of the total number of Options issued, 318,899 options were issued to directors/PDMRs, as shown in the table below.

The number of shares were calculated by dividing 40% of the monthly salary or fee by the volume weighted average price of the ordinary shares during the month of November 2020.

Additionally, today, the Company allotted 524,076 ordinary shares of 0.25p each to seven service providers in lieu of cash settlement for services provided to the Company with a total value of £15,819.

Application will be made for the admission to trading on AIM ("Admission") for the 524,076 ordinary shares. The ordinary shares will rank pari passu in all respects with the existing ordinary shares of the Company. Admission is expected at 8.00 a.m. on or around 7 December 2020.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 438,542,093 ordinary shares with one voting right each. As the Company does not hold any shares in Treasury, the total number of voting rights in the Company is also 438,542,093 and this figure of ordinary shares 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.

**ENDS**

The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.

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 million boe 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. MMCF/d: million cubic feet per day.

7. BCF: billion cubic feet.

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.