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13 Mar 2019 07:00
Block Energy Plc | Index: AIM | Epic: BLOE.L | Sector: Oil and Gas
13 March 2019
Block Energy Plc ('the Company', 'Block' or 'the Group')
Issue of equity re West Rustavi WI increase
Block Energy Plc, the exploration and production company focused on the Republic of Georgia, confirms that, further to the announcement of 26 February 2019 it has issued 9,550,000 ordinary shares of 0.0025p ("Ordinary Shares") as settlement of the $500,000 payable to Georgian Oil and Gas Limited, in consideration for the increase of Block's working interest in West Rustavi to 71.5%. The shares have been issued at a share price of 4 pence per share in line with the Agreement.
Following this issue, GOG's shareholding in the Company will amount to 42,312,415 shares equating to 15.65 % of the enlarged issued share capital.
Application will be made for the new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on or around 19 March 2019 ("Admission").
In conformity with the Disclosure Guidance and Transparency Rules, the Company notifies the market of the following:
Following Admission the Company's issued share capital comprises 270,444,392 Ordinary Shares with one voting right each. The Company does not hold any shares in Treasury. Therefore, the total number of voting rights in the Company is 270,444,392. Thereafter, the above figure of 270,444,392 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
(Definitions used in this announcement are the same as referred to in the 26 February 2019 announcement)
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
For further information please visit http://www.blockenergy.co.uk or contact:
Paul Haywood (Chief Executive Officer) | Block Energy Plc | Tel: +44 (0) 203 053 3631 |
Neil Baldwin (Nominated Adviser) | Spark Advisory Partners Limited | Tel: +44 (0) 203 368 3554 |
Craig Fraser (Joint Corporate Broker) | Baden Hill, a trading name of Northland Capital Partners ltd. | Tel: +44 (0) 207 933 8731 |
Colin Rowbury (Joint Corporate Broker) | Novum Securities Ltd | Tel: +44 (0)207 399 9427 |
Frank Buhagiar/Juliet Earl (Financial PR) | St Brides Partners Ltd | Tel: +44 (0) 207 236 1177 |
Notes
Block Energy (BLOE.L) is an AIM quoted oil and gas company with a growing portfolio of production, development and exploration assets in the Republic of Georgia. Block holds a 100% WI in the producing Norio licence, a 90% WI in the producing Satskhenisi licence and a 71.5% WI in the West Rustavi licence, which will increase to 100% WI on completion of the Agreement described above.
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