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 X1^_B 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 XI^_B in Georgia.

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