News Oil & Gas

Block issues 12m shares to Jindal over X1B acquisition

Posted on Author editorial Comments Off on Block issues 12m shares to Jindal over X1B acquisition

Block Energy plc said it issued 12 million shares to Jindal Petroleum (Georgia) Ltd which once owned licence X1B in West Rustavi, Georgia.

TRANSACTION

In 2020, Block Energy granted 120m nil-cost options to SLB (formerly Schlumberger) for the acquisition of Schlumberger Rustaveli Company Ltd (SRCL), which held XIB in Georgia.

As part of the transaction, SLB assigned a total of 12m nil-cost options to Jindal which owned XIB before SLB.

On admission, Block Energy’s issued share capital will comprise 680,638,392 ordinary shares with one voting right each. The company holds no shares in treasury.

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