Block Energy Announces SLB Options

Source: www.gulfoilandgas.com 11/30/2022, Location: Asia

Block Energy plc, the exploration and production company focused on Georgia, announces that SLB (formerly Schlumberger), has notified the Company of its decision to not exercise its right to acquire 108 million ordinary shares in Block Energy plc.

A total of 120 million options were granted in 2020, as consideration for the acquisition of the Schlumberger Rustaveli Company Limited ("SRCL"), which held Georgia's most productive license, Block XIB. Of these, 12 million options have been assigned by SLB to Jindal Petroleum and expire November 30th 2023.

The acquisition of SRCL provided Block with additional production, material additional oil reserves, significant gas resources, oil inventory, materials, and a US$133m cost recovery pool while preserving its cash position for further growth.

Commenting, Paul Haywood, Chief Executive Officer of Block Energy plc's, said:
"This is very good news for the Company and shareholders in Block. The result for Block and its shareholders is a significant gain in value and reduction in dilution, both contributing to our continued commitment to maximising value, for all shareholders, whilst we advance through our 3-project strategy."

¹RNS notification of 26 March 2020 headed "Major acquisition of two adjacent blocks from Schlumberger"


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