Block Energy P. Regulatory News (BLOE)

21 February 2020

Block Energy Plc

("Block" or the "Company")

Statement re Market Speculation

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, today provided a statement on the current holding of one of its major shareholders, via an interview with Proactive Investors: https://bit.ly/2T5GSC6

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

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Notes to editors

Block Energy is an AIM-listed independent oil and gas company focused on production and development in the Republic of Georgia, applying innovative technology to realise the full potential of previously discovered fields. The company is pursuing a fully-funded multi-well programme through 2019/20 designed to convert contingent resources to reserves, and reserves to revenue.

The Company has a 100% working interest in the highly prospective West Rustavi onshore oil and gas field with multiple wells that have tested oil and gas from a range of geological horizons. The Field has so far produced 50 Mbbls of light sweet crude, and has 0.9 MMbbls of gross 2P oil reserves in the Middle Eocene. It also has 38 MMbbls of gross 2C contingent resources of oil and 608 BCF of gross unrisked 2C contingent resources of gas in the Middle, Upper and Lower Eocene formations (Source: CPR Gustavson Associates: 1 January 2018).

Block also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields.

The Company offers a clear entry point for investors to gain exposure to Georgia's growing economy and the strong regional demand for oil and gas.