Exercise of Options and Issue of Shares

Block Energy PLC

24 July 2026

 

24 July 2026

Block Energy plc

("Block" or the "Company")

Exercise of Options and Issue of Shares

Block Energy plc, the development and production company focused on Georgia, announces that 371,657 ordinary shares of 0.25p each ("Ordinary Shares") have been allotted following an exercise of nil-cost share options granted under the Capital Structure Simplification as set out in the RNS dated 14 November 2025.

Application will be made for the admission to trading on AIM ("Admission") for the 371,657 new Ordinary Shares. The new 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 30 July 2026.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 1,469,751,612 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 1,469,751,612 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.

**ENDS**

For further information please visit http://www.blockenergy.co.uk/ or contact:

Paul Haywood (Chief Executive Officer)	Block Energy plc	Tel: [phone]
Neil Baldwin (Nominated Adviser)	Spark Advisory Partners Limited	Tel: [phone]
Peter Krens (Corporate Broker)	Tennyson Securities	Tel: [phone]
Kathleen Beams Philip Dennis (Financial PR Adviser)	Celicourt Communications	Tel: [phone]

Notes to Editors

Block Energy plc is an AIM-quoted independent international oil and gas company with production, development, appraisal and exploration assets in Georgia and a post year-end offshore Gabon growth platform.

In Georgia, the Company holds interests in seven Production Sharing Contracts covering an area of 4,256 km² in the central part of the country. These include the XIB and XIF licences, which host Project III's 2.77 TCF of 2C gross contingent gas resources in the Patardzueli-Samgori, Rustavi and Teleti fields, together with 574 BCF of 2U gross prospective resources at South Dome. Project III has an estimated NPV10 of approximately US$2.2 billion (Source: IER, OPC 2024 and internal estimates).

In April 2026, the Company announced a strategic entry into offshore Gabon through a secured convertible loan to Pilgrim Exploration Limited, providing Block with a 76.5% indirect economic interest in the Ndjila (CD2) and Mpari (CD3) PSCs. The two licences cover 5,331 km² and contain four historical oil discoveries - Iguega, Topaz, Ekouata and Pilote - together with material pre- and post-salt exploration potential in an established Gulf of Guinea hydrocarbon fairway.

The Company is structured around a multi-project approach, progressing assets across different stages of development, hydrocarbon type and reservoir characteristics. This approach is designed to deliver a balanced portfolio of production growth, field redevelopment, new discoveries and the commercialisation of substantial gas resources, supported where appropriate by partner funding, carried work programmes and cash from existing producing assets.

Located near the Georgian capital of Tbilisi, Block Energy is well-positioned to contribute to the region's energy landscape. This proximity facilitates operations and underpins the Company's commitment to the economic and energy development of Georgia.

 

END