BLOCK ENERGY PLC

• ⚠

  Material uncertainty over going concern

  As part of their going concern assessment, the directors have examined multiple scenarios in which oil prices and/or future production levels fall substantially and have concluded that it remains possible that future revenues in at least some scenarios might not cover all operating costs and planned capital expenditures, creating a material uncertainty that may cast doubt over the Group's ability to continue as a going concern. Whilst acknowledging this material uncertainty, the directors remain confident of making further cost savings if required and, therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -10%

  £6,254,018 → £5,631,307

• Cash

  +59.3%

  £533,004 → £849,219

• Net assets

  -1.5%

  £19,216,566 → £18,922,778

• Employees

  -22.4%

  147 → 114

• Operating profit

  +90.5%

  -£1,596,771 → -£151,005

• Profit before tax

  +72.5%

  -£1,654,332 → -£455,259

• Wages

  +27.3%

  £961,352 → £1,223,742

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. 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

“As part of their going concern assessment, the directors have examined multiple scenarios in which oil prices and/or future production levels fall substantially and have concluded that it remains possible that future revenues in at least some scenarios might not cover all operating costs and planned capital expenditures, creating a material uncertainty that may cast doubt over the Group's ability to continue as a going concern. Whilst acknowledging this material uncertainty, the directors remain confident of making further cost savings if required and, therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.”

Group structure

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

Significant events

• “On 7 February 2025, the Company announced the issue of bonus options and shares for senior executives within the Company. These had been accrued in the accounts at year end. The Remuneration Committee elected to settle the bonuses by way of issue of 35,912,008 ordinary shares of 0.25p each ("Ordinary Shares") and 10,548,289 nil-cost options over Ordinary Shares ("Options").”
• “On 27 March 2025, the Company announced the acquisition of a 10% participating interest in the XIQ Production Sharing Contract with an option to increase to 22%. The consideration was $1, with the Company being responsible for contributing its share of the 2025 work programme which is $77,000.”

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

Filings

14

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.