Block Energy Announces Issue of Shares to Jindal Petroleum (Georgia) Limited

Source: www.gulfoilandgas.com 12/13/2022, Location: Asia

Block Energy plc, the development and production company focused on Georgia, announces that it has issued shares to Jindal Petroleum (Georgia) Limited ("Jindal").

A total of 120,000,000 nil-cost options were granted in 2020 to SLB (formerly Schlumberger) as consideration for the acquisition of Schlumberger Rustaveli Company Limited ("SRCL"), which held Georgia's most productive licence, XIB. As part of the Transaction, SLB assigned a total of 12,000,000 nil-cost options to Jindal (the licence owner of XIB prior to SLB).

As such, the Company has today issued 12,000,000 shares to Jindal and will hold such shares in certificate form. As previously announced, SLB notified the Company of its intention not to exercise its right to acquire 108,000,000 shares under the Option Agreement.

Application will be made for the admission to trading on AIM ("Admission") for the 12,000,000 ordinary shares. The ordinary shares will rank pari passu in all respects with the existing ordinary shares of the Company. Admission is expected at 8.00 a.m. on or around 19 December 2022.

Total Voting Rights
Following Admission, the Company's issued share capital will comprise 680,638,392 ordinary shares with one voting right each. As the Company does not hold any shares in Treasury, the total number of voting rights in the Company is also 680,638,392 and this figure of ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.


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