Operational Failures of Block Energy

Despite investing over £20 million of shareholders money, the operational performance of the Company’s wells is of concern. All three wells in Georgia have encountered significant problems and despite requests, the Company has not explained how it will (or if it can) address these issues.

There are serious questions to be asked of the Company in connection with the performance of the Company’s historic operations including but not limited to issues around the performance of the intervention on well WR16z. No announcement has been made by the Company in respect of this which suggests that the intervention failed. Why has the Company not confirmed what happened?

There are also significant concerns around the Company’s contracting and procurement. In short, the concerned shareholders, who comprise members with considerable industry expertise, consider that the current leadership, under the overall responsibility of Philip Dimmock, has failed to demonstrate the technical expertise to address the problems.

Over a protracted period, concerned shareholders have raised serious misgivings about the overall standards of planning, risk assessment and execution capabilities of the Company’s management in light of their continuing inability to deliver programmes on time and on budget. It is concerned shareholders firm belief that such issues were ultimately avoidable through better oversight and management and the inability to address these issues has led to repeated failings.

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