Business
Preliminary Results and Notice of AGM
Preliminary Results and Notice of AGM.
About this update from Block Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2598I Block Energy PLC 22 November 2018 \n\n \nBlock Energy Plc / Index: AIM / Epic: BLOE.L / Sector: Oil and Gas\n22 November 2018\nBlock Energy Plc (\"the Company\", \"Block\" or \"the Group\")\nPreliminary Results and Notice of Annual General Meeting\n \nBlock Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce its preliminary results for the year ended 30 June 2018.\n \nIn addition, notice is hereby given that the Annual General Meeting of the Company will be held at the Washington Mayfair Hotel, 5 Curzon Street, Mayfair, London, W1J 5HE on 20 December 2018 at 2.00pm.\n \nThe Company's Annual Report and Notice of Annual General Meeting will shortly be posted to shareholders and made available on the Company's website at www.blockenergy.co.uk.\n \nHighlights:\n· Admission to AIM on 11 June 2018 in conjunction with a placing of £5million (before expenses), issuing 125,000,000 shares at 4p per ordinary share in line with strategy to transform Block into one of the largest independent oil and gas companies in Georgia\n· Successfully acquired portfolio of oil and gas assets in Georgia, all of which are producing or have historically produced and all of which have significant development potential: 2P gross oil reserves of 2.5 MMbbl; gross contingent oil resources (2C) of 72.9 MMbbls of oil and 626 BCF of gas:\no Acquired a 100% interest in Satskhenisi Ltd and a 90% interest in the Satskhenisi Production Sharing Contract (PSC) for a consideration of £595,000 through the issue of 70,000,000 Block Energy Plc shares.\no Increased the interest in the Norio PSC from 38% to 100% through a £481,000 cash consideration and issue of 4,695,717 Block Energy Plc shares (£188,000) on listing. Total consideration for Block's 100% interest in the Norio PSC was £1,206,000, which, when compared to the P50 NPV valuation of £22,340,000 provided by the Competent Persons Report, illustrates the considerable upside in this asset.\no Increased the 5% interest in West Rustavi PSC to 25% through a cash consideration payment of £377,000, and issue of 18,782,870 Block Ordinary shares with a value £751,000 on listing.\n· As at year end, Block Energy h...