BLOCK ENERGY PLC

• ◆

  Material uncertainty over going concern

  The directors have, however, identified downside scenarios including a substantial fall in oil prices or production, and the redemption of the US$2.0 million secured loan in August 2027 - that give rise to a material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern. Notwithstanding this, the directors consider it appropriate to prepare the financial statements on a going concern basis; the full Going Concern disclosure is set out in note 1.

Figures converted to GBP from USD at 0.752 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. BLOCK ENERGY PLC 2017-05-05 → present
2. GOLDCREST RESOURCES PLC 2013-05-21 → 2017-05-05
3. RARE EARTHS AND METALS PLC 2010-12-15 → 2013-05-21
4. LISUNGWE PLC 2005-02-08 → 2010-12-15

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The directors have, however, identified downside scenarios including a substantial fall in oil prices or production, and the redemption of the US$2.0 million secured loan in August 2027 - that give rise to a material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern. Notwithstanding this, the directors consider it appropriate to prepare the financial statements on a going concern basis; the full Going Concern disclosure is set out in note 1.”

Group structure

1. BLOCK ENERGY PLC · parent
   1. Block Norioskhevi Ltd 100% · British Virgin Islands · oil and gas development and production
   2. Satskhenisi Ltd 100% · Marshall Islands · oil and gas development and production
   3. Georgia New Ventures Inc. 100% · Bahamas · oil and gas development and production
   4. Block Operating Company LLC 100% · Georgia · operator of oil and gas licences
   5. Block Rustaveli Limited 100% · British Virgin Islands · oil and gas development and production
   6. Didi Lilo & Nakarala Limited 100% · British Virgin Islands · oil and gas development and production
   7. GOG SLADS Limited 100% · British Virgin Islands · oil and gas development and production

Significant events

• “On 19 January 2026, the Company announced completion of the farm-out of licence XIQ (part of Project IV) to Aspect Georgia, following receipt of Government of Georgia approval.”
• “On 29 January 2026, the Company announced an 18-month extension of its existing secured loan facility, taking the new maturity date to 2 August 2027.”
• “On 16 February 2026, the Company announced completion of the Phase 1 CCS pilot study.”
• “On 23 February 2026, the Company issued 30,428,200 new Ordinary Shares and granted 9,231,083 nil-cost options to senior executives as performance-related bonuses.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

16

last 12 months

Capital events

9

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.