Block Energy PLC (LON:BLOE)

Block Energy PLC (LON:BLOE)

Share Price
12.38 p
0.375 (3.13 %)
Market Cap
£48.19 m
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Block Energy PLC

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...

Market: AIM:BLOE
52-week High/Low: 17.500p / 2.400p
Sector: Oil & Gas Exploration & Production
Market Cap: £48.19 m
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Big Picture – A Deep Dive Examination of Block Energy PLC

Block Energy PLC Snapshot

Business Strategy

The company has planned a three stage work programme to develop the significant potential of its assets:

Stage 1 (2018-2019):

  • Increase production to 900 bopd via a low cost low risk workover programme and sidetrack of existing wells
  • The company will break even at 100bopd

Stage 2 (2018-2019):

  • Test and flow gas in previous discoveries of West Rustavi containing significant gas potential
  • Sidetrack existing wells and drill new horizontal wells to increase production to 2,500bopd

Stage 3 (2020-):

  • Bring West Rustavi gas online
  • Estimated net back of ~$3/Mcf
  • Expand asset portfolio in Georgia and wider European region

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

Norio Onshore Oil Field, Satskenisi and West Rustavi Onshore Oil & Gas Field are the current active projects.

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Directors and Management


Paul Haywood

Chief Executive Officer

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. Subsequently, his executive roles included Vice President International/Managing Director UK at Ranger Oil Ltd/Canadian Natural Resources and Vice President Operations at Vanco Energy. In non-executive  board positions, Philip was a director of Nautical Petroleum Plc and, recently, the Senior Independent Director of Gulf Keystone Petroleum Ltd. He currently serves as Advisor to Oando Energy Resources Inc. 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

Business Development 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.

Chris Brown

Chris Brown

Non-Executive Director

Chris Brown has nearly 40 years’ experience across the international upstream oil and gas sector. Educated at Exeter University, Imperial College and the INSEAD Management School, he is a founding director of MontBlanc Oil & Gas and Beagle Geoscience, which provide consultancy and management services for the exploration and production sector. During his career Chris has led oil and gas operations in the UK, Europe, North Africa and South America, and has managed seismic and well operations encompassing deep water, shelf, desert, mountain, urban and jungle terrain. He is a regular speaker and presenter at industry conferences.



Shareholder Information



AIM Listing Date 11th June 2018
Industry Sector Oil & Gas
Number of Shares in Issue at 4 March 2019 270,444,392
Number of Shares held in Treasury -
Total Shares in Issue 270,444,392
Total Warrants on Issue 2,279,616
Total Options on Issue 23,938,332
Fully Diluted Share Capital 296,662,340
Percentage of Dilution 8.84%

Significant Shareholders, 25 March 2019

Significant Shareholders Number of Shares % of Issued Ordinary Share Capital
Pershing Nominees Limited 43,920,379 16.24%
Georgia Oil and Gas Ltd 42,312,415 15.65%
Amati Global Investors 37,500,000 13.87%
The Bank of New York (Nominees) Limited 33,804,091 12.50%
Miton Group Plc 23,750,000 8.78%
Iskander Energy Corp* 14,000,000 5.18%
Hargreaves Lansdown (Nominees) Ltd 12,850,310 4.75%
Mr Dean Antony Clark 8,300,000 3.18%
Mr Niall Tomlinson (Director) 1,734,727 0.64%
Mr Paul Haywood (Director) 1,654,727 0.61%
Mr Philip Anthony Dimmock (Non-Executive Chairman) 312,500 0.16%

* Block Energy Director Mr Roger McMechan is a signficant shareholder of Iskander Energy.



9 Devonshire Square

Please call +44 (0)207 997 6136 | Monday to Friday | 9am to 5.30pm

[email protected]



Company Secretary and Registered Office

Ben Harber
60 Gracechurch Street

AIM Nominated Advisor

Spark Advisory Partners
5 St John’s Lane

Joint Broker

Novum Securities Limited
10 Grosvenor Gardens

Baden Hill LLP
4 Lombard Street

Placing Agent and Advisor

Gneiss Energy Limited
69 Old Broad Street

Competent Person

Gustavson Associates
5757 Central Avenue
Ste. D
CO 80301

Share Registrars

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


BDO London
55 Baker Street

Legal Advisors to the Company (UK)

Hill Dickinson LLP
The Broadgate Tower
20 Primrose St

Legal Advisers to the Company (Georgia)

BLC Law Office
127-133 Davit Aghmashenebeli Ave

Solicitors to the Nominated Advisor and Broker

DAC Beachcroft LLP
100 Fetter Lane

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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