Block Energy Receives Request to Requisition General Meeting

Source: www.gulfoilandgas.com 7/26/2021, Location: Asia

Block Energy plc, the development and production company focused on Georgia, announces that, on 24 July 2021, it received a second letter from Forest Nominees Limited (the "Second Letter"), which is the legal holder of 31,308,000 ordinary shares, representing 5.00 per cent of the issued ordinary share capital of the Company, as nominee for G.P. (Jersey) Limited.

The Second Letter requests the Company to convene a further general meeting (in addition to the general meeting that has been convened on 11 August 2021, as set out in the RNS announcement issued at around 7:00 a.m. today) of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act") and consider and, if thought fit, propose a resolution to commission an independent forensic investigation into the affairs of the Company.

The board of directors ("Board") regrets that this action has been taken at a time when the Company is in the middle of drilling a well pursuant to a shareholder-mandated strategy and considers the requisition of this second general meeting to be unwelcome and unnecessary. The Board is of the view that the resolution is not in the best interests of the Company and its shareholders as a whole and intends to recommend that shareholders vote against the resolution at any requisitioned general meeting.

The Board intends to comply with its obligations in accordance with section 304 of the Act, which requires it to call a general meeting within 21 days of receipt of a valid requisition and to hold such general meeting on a date not more than 28 days after the date of the notice convening such general meeting.

Shareholders are advised to take no action at this time. Further announcements will be made in due course.


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