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Holdings in Company
Holdings in Company.
About this update from Block Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9035H Block Energy PLC 20 November 2018 \n\n \nBlock Energy Plc / Index: AIM / Epic: BLOE.L / Sector: Oil and Gas\n20 November 2018\nBlock Energy Plc (\"the Company\", \"Block\" or \"the Group\")\nHoldings in Company\n \nBlock Energy Plc, the exploration and production company focused on the Republic of Georgia, has today been notified by Mayan Energy ('Mayan') that Mayan has disposed of its entire 3.29% interest in Block in order to allocate its resources to the development of its onshore US oil and gas assets.\n \nMayan's entire 3.29% interest in Block has been acquired by three existing shareholders in the Company, all of whom participated in the oversubscribed £5million placing at the time of Block's Admission to AIM in June 2018. All three shareholders have expressed their continued support for the fully funded multi-well work programme that is underway at Block's 100% owned Norio oil field targeting a 15-fold increase in production to 150 bopd by Q1 2019. In addition, preparations are ongoing to drill a horizontal sidetrack programme and test the gas resource base on its West Rustavi licence which has been assigned net contingent resources of 456 BCF and lies on trend to the same play being targeted by Schlumberger on neighbouring fields.\n \n \nTR-1: Standard form for notification of major holdings\n \n\n\n\nNOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i\n\n\n\n\n\n\n\n\n\n1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: \n\n\nBlock Energy plc\n\n\n\n\n1b. Please indicate if the issuer is a non-UK issuer (please mark with an \"X\" if appropriate)\n\n\n\n\nNon-UK issuer\n\n\n\n\n\n\n\n2. Reason for the notification (please mark the appropriate box or boxes with an \"X\")\n\n\n\n\nAn acquisition or disposal of voting rights\n\n\nx\n\n\n\n\nAn acquisition or disposal of financial instruments\n\n\n\n\n\n\n\nAn event changing the breakdown of voting rights\n\n\n\n\n\n\n\nOther (please specify)iii:\n\n\n\n\n\n\n\n3. Details of person subject to the notification obligationiv\n\n\n\n\nName\n\n\nMayan Energy Ltd\n\n\n\n\nCity and country of registered office (if applicable)\n\n\nLondon, UK\n\n\n\n\n4. Full name of shareholder(s)...