Block Energy plc has extended its existing $2 million senior secured loan facility for a further 18 months to 2 August 2027.
DIRECTORS
The loan, orginally agreed in February 2023, was increased to $2m in May 2023, and the original 18-month term extended to July 2024 and then to February 2026.
In relation to the extension, announced on 29 January, each lender will receive new three-year warrants, exercisable at 1.20 pence per ordinary share being the closing bid price on 28 January 2026.
A total of 60,386,474 new warrants will be issued in connection with the extension.
Block said that the 44,682,643 warrants issued in connection with the February 2023 and May 2023 first and second tranches of the loan expire on 2 February 2026.
Chief executive officer Paul Haywood lent $115,000 to the company in February 2023 under the loan facility, while Fergus Robson, a director of various subsidiaries of Block, previously lent $20,000.
Under the amended loan agreement, Mr Haywood will receive 3,472,222 new warrants and Fergus Robson 603,865.
Block said that the 18-month extension to the senior loan facility provided the company with additional financial flexibility.
TVRs
Block has also allotted 4,096,347 ordinary shares of £0.01 each to a former employee, following an exercise of nil-cost share options granted under the November 2025 capital structure simplification.
Following admission, the company’s issued share capital will comprise 1,015,743,839 ordinary shares, each with one voting right.
The company does not hold any shares in treasury.
Block holds four oil and gas exploration and development projects, as well as one carbon capture storage project, in Georgia.