Last checked at 18 Jun 2020 13:14
18 June 2020
Block Energy plc
("Block Energy", "Block" or the "Company")
Result of AGM
Following today's Annual General Meeting ("AGM"), convened by the Notice of AGM dated 15 May 2020, Block Energy Plc is pleased to announce that all resolutions set out in the Notice of AGM were approved by shareholders.
The results of the poll for each resolution were as follows:
Resolution | For | % For | Against | % Against | Withheld |
1. To receive and adopt the report of the directors and the financial statements for the period ended 31 December 2019 | 173,021,893 | 99.96% | 60,634 | 0.04% | 150,089 |
2. To re-elect Roger McMechan as a director of the Company. | 167,893,773 | 96.92% | 5,338,843 | 3.08% | 0 |
3. To re-appoint BDO LLP as auditors. | 173,161,163 | 99.96% | 71,453 | 0.04% | 0 |
4. To authorise the directors to allot relevant securities pursuant to Section 551 of the Companies Act 2006 in relation to the acquisition of Schlumberger Rustaveli Company Limited. | 172,893,773 | 99.80% | 338,843 | 0.20% | 0 |
5. To authorise the directors to allot relevant securities pursuant to Section 551 of the Companies Act 2006. | 172,763,631 | 99.73% | 468,985 | 0.27% | 0 |
6. To authorise the directors to allot equity securities pursuant to Section 570 of the Companies Act 2006. | 172,195,941 | 99.40% | 1,036,675 | 0.60% | 0 |
As at the date of the AGM, the number of issued ordinary shares of the Company was 435,702,834 shares, which was the total number of shares entitling the holders to attend and vote for or against all resolutions. In accordance with the Company's Articles of Association, on a poll every member has one vote for every share held. Votes withheld are not votes in law and have not been counted in the calculation of the proportion of vote "for" or "against" a resolution. Proxy appointments which gave discretion to the Chairman have been included in the "for" total.
Following today's AGM result, a short video from Paul Haywood, CEO will be posted on the Company's website.
For further information please visit http://www.blockenergy.co.uk/ or contact:
Paul Haywood (Chief Executive Officer) | Block Energy Plc | Tel: +44 (0)20 3980 6250 |
Neil Baldwin (Nominated Adviser) | SPARK Advisory Partners Limited | Tel: +44 (0)20 3368 3554 |
Peter Krens (Corporate Broker) | Mirabaud Securities Limited | Tel: +44 (0)20 3167 7221 |
Billy Clegg / Owen Roberts / Violet Wilson (Financial PR) | Camarco | Tel: +44 (0)20 3757 4980 |
Notes to editors
Block Energy 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.
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 Energy also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. It has recently entered into a conditional sale and purchase agreement for Georgian onshore Blocks XIB and IX.
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.