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Oil Capital
EPIC: BLOE
Market: AIM
52-week High/Low: 4.66p / 2.60p
Sector: Oil & Gas Exploration & Production
Market Cap: 7.12M

Block Energy (AIM:BLOE) is an AIM traded oil and gas company with a growing portfolio of production, development and exploration assets in the Republic of Georgia. Block holds a 100% Working Interest in the producing Norio licence, a 90% Working Interest in the producing Satskhenisi licence and a 25% interest and the right to earn a 75% Working Interest in the West Rustavi permit. Block’s...

Block Energy Plc

www.blockenergy.co.uk

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Big picture - Why invest in Block Energy Plc

Block Energy Plc Snapshot

Block Energy is an AIM-listed exploration and production company seeking to exploit previously discovered fields in Georgia optimal for Western technology and enhanced production techniques.
Block Energy is an AIM-listed asset-backed revenue generative junior oil and gas company aiming to capitalise on first mover advantage to build the largest independent producer in Georgia, a proven but underdeveloped oil producing nation increasingly on the radar of the majors. Schlumberger, the world’s largest oilfield services provider, recently acquired a strategic position in the country. Block Energy is listed on the AIM market as BLOE.

Led by a management team with unrivalled experience and contacts in Georgia and the wider region, Block Energy is at the right address in the right country at the right time.

The right address because the licences in which the company currently has a Working Interest (WI) – Norio (100% WI), Satskhenisi (90% WI), and West Rustavi (currently 20% earning into a 75% WI) – lie close to Schlumberger’s 100% owned strategic position in the Kura basin, which at its peak produced ~70,000bopd in Georgia and is estimated to hold more than seven billion barrels of proven reserves in Azerbaijan and Russia’s North Caucasus.

The right country because Georgia is a low-cost, business-friendly nation with underdeveloped oil and gas reserves.

The right time because Schlumberger’s entry is game-changing for Block in terms of targeting the same play types and providing third party validation of Georgia’s huge oil and gas potential.

Block’s three licences currently produce 20bopd. Block has put in place a three phase strategy to rapidly increase production, maximise the recovery of reserves and prove up the defined resources.

 

 

Projects blending production with development and exploration potential

 
 

The key strengths include:

  • Significant resource and reserve base
  • Speedy path to increased production,
  • Low cost services available in close proximity to all assets (service company owned by major Block shareholder)
  • Production and transportation infrastructure
  • Operating and oil sale marketing structure
  • Significant understanding of legacy and present data
  • Immediate neighbour (Norio and Satskhenisi fields) to major service company and asset owner Schlumberger
  • High potential of Block establishing joint venture with strategic partner
  • Block is partnered with Georgian Oil and Gas, one of Georgia’s most respected oil companies and biggest licence owners
Map of the Republic of  Georgia and the Area of Interest
Map of Oil Field
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To see more, click here.

 

Block Energy onsite in Georgia 

 

Block Energy onsite in Georgia - 2

 

Block Energy onsite in Georgia - 3

 

Block Energy onsite in Georgia - 4

 

Paul Haywood
Managing Director

Paul has a wealth of experience and success in delivering value for his investment network through a blended skill-set of corporate and operational experience, including six years in the Middle East building early stage and growth projects. More recently Paul has held senior management roles with UK and Australian public companies in the natural resources sectors, including hard-rock exploration in the MENA region and oil and gas exploration in the FSU.
 
Philip Dimmock
Non-Executive Chairman

Philip spent a significant part of his career at BP in a wide variety of senior positions, including manager of the Forties oil field and UK director of Ranger Oil where he also held the post of vice president of the international division, and served as chairman. Philip was a non-executive director of Nautical Petroleum PLC until its acquisition by Cairn Energy in 2012, and presently serves as a senior independent non-executive director of Gulf Keystone Petroleum. Philip has an MA in Physics from the University of Oxford.
 
Roger McMechan
Technical Director

Roger has more than 30 years experience of managing domestic and international operations with senior managerial and executive roles at companies including Petro Canada, Burlington Resources and Winstar Resources (active in Algeria, Hungary, Romania and Tunisia). He has deep experience in new field development, mature field optimisation, oil and gas well completions and stimulation, and oil and gas opportunity evaluation . Roger has worked in Georgia for five years, overseeing operations, crude marketing, new well drilling, old well workovers and recompletions. He has a BSc in Engineering from the University of Waterloo and is a Professional Engineer registered in Alberta.
 
Niall Tomlinson
Executive Director

Niall has more than a decade’s experience as an energy and mining analyst. He began his career with Rio Tinto as an exploration geologist and has worked with a range of junior natural resource companies. Niall has spent three years assessing natural resource projects in the Republic of Georgia. He holds an MSc in Metals and Energy Finance from Imperial College and is a Chartered Geologist.
 
Serina Bierer
Finance Director

Serina gained her MSci in Geological Sciences from the Royal School of Mines, Imperial College London in 2003.  She qualified as a Chartered Accountant with BDO LLP before working in the natural resources team. Her client portfolio covered mining as well as oil and gas companies, with a particular focus on Middle Eastern due dilligence projects. Serina has specialised in the AIM and ASX upstream oil and gas industry for more than 10 years, and has a proven track record of successfully delivering board strategy through financial management, planning, financial modelling, system integration, treasury management, joint interest partner ventures and structured finance activities. Serina has also worked closely with overseas government and financial regulatory bodies, negotiating a range of applicable tax and financial reporting policies.
 
Timothy Parson
Non-Executive Director

Tim Parson is a petroleum engineer with 35 years global on- and offshore experience, ranging from deep water operations in the Far East to onshore multi-rig activities in the Middle East, Amazon and Europe. Tim has worked as a superintendent at Schlumberger and executive at Occidental Petroleum. He has degrees in Petroleum Engineering from the University of New South Wales and Business Management from Curtin University.

Shareholder Information

 
 
 
AIM Listing Date 11th June 2018
Industry Sector Oil & Gas
Number of Shares in Issue at 11th June 2018 258,547,601
Number of Shares held in Treasury -
Total Shares in Issue 258,547,601

Significant Shareholders, 11th June 2018

Significant Shareholders Number of Shares % of Issued Ordinary Share Capital
Amati Global Investors 37,500,000 14.50%
Lynchwood Nominees Ltd 33,162,415 12.83%
Miton Asset Management 23,750,000 9.19%
Pershing Nominees Ltd 28,721,676
 
11.11%
Iskander Energy Corp 14,000,000 5.78%
Mayan Energy Ltd 8,510,341 3.29%
Mr Niall Tomlinson 1,734,727 1.77%
Mr Paul Haywood 1,654,727 1.69%
Serina Bierer 420,000 0.16%
Tim Parson 325,000 0.13%
Phil Dimmock 312,500 0.12%
Total: 213,841,386 82.71%

Warrants outstanding at 31st January 2018

Warrant Holder Number of Warrants Date of Issue Expiry Date Exercise Price Special Conditions
Gavin Burnell 3,238 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Hot Rocks Investments plc 172,883 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Banyan Global LLC 200,000 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Plutus Strategies Ltd 131,665 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Sunrise Resources plc 39,199 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Centrebind Agency Ltd 36,983 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Mr Geoffrey Tomlinson 15,345 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Mr Ryan Long 3,238 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Mr Brian Rowbotham 3,238 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Mr Charles Vaughan 3,238 21 December 2016 Tenth anniversary of AIM admission £0.125 Not exercisable until AIM Admission
Jim Nominees Ltd 58,823 October 2017 31st August 2018 £0.15 Not exercisable until AIM Admission
DMT 20,588 October 2017 31st August 2018 £0.15 Not exercisable until AIM Admission
Gledhow Investments PLC 38,235 October 2017 31st August 2018 £0.15 Not exercisable until AIM Admission
ETX 117,647 October 2017 31st August 2018 £0.15 Not exercisable until AIM Admission
Mr Sebastian Marr 147,059 October 2017 31st August 2018 £0.15 Not exercisable until AIM Admission
Pelamis Investments Ltd 294,118 October 2017 31st August 2018 £0.15 Not exercisable until AIM Admission
Bailee Holdings Ltd 147,059
 
  • 3 St Michaels Alley
    London
    EC3V 9DS
  • Contact St Brides Partners on: +44 (0)20 7236 1177
  • [email protected]

 

Advisors

 
 
 

Company Secretary and Registered Office

Ben Harber
60 Gracechurch Street
London
EC3V 0HR

AIM Nominated Advisor

Spark Advisory Partners
5 St John’s Lane
London
EC1M 4BH

Joint Broker

Novum Securities Limited
10 Grosvenor Gardens
London
SW1W 0DH

Baden Hill LLP
4 Lombard Street
London
EC3V 9HD

Placing Agent and Advisor

Gneiss Energy Limited
69 Old Broad Street
London
EC2M 1QS

Competent Person

Gustavson Associates
5757 Central Avenue
Ste. D
Boulder
CO 80301
USA

Share Registrars

Share Registrars Limited
Suite E, First Floor
9 Lion and Lamb Yard
Farnham, Surrey
GU9 7LL

Auditors

PKF Littlejohn LLP
1 Westferry Circus, Canary Wharf
London
E14 4HD

Legal Advisors to the Company (UK)

Hill Dickinson LLP
The Broadgate Tower
20 Primrose St
London
EC2A 2EW

Legal Advisers to the Company (Georgia)

BLC Law Office
127-133 Davit Aghmashenebeli Ave
Tbilisi
0102
Georgia

Solicitors to the Nominated Advisor and Broker

DAC Beachcroft LLP
100 Fetter Lane
London
EC4A 1BN

Listing:  AIM

Country of Incorporation and Company Legislation to which the issuer is subject:  England and Wales

Registered Company Number: 53563032013-05-03

 
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