FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Block Energy BLOE Oil Gas and Coal — GBP 0.0265 at close 14 May 2021

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 14-May-2021 14-May-2021 14-May-2021

0.05 250 180 1D WTD MTD YTD 0.045 Absolute 0.0 -1.9 1.9 -18.5 160 Rel.Sector -2.2 -1.4 -1.9 -28.2 0.04 Rel.Market -1.1 -0.5 1.2 -25.3 200 0.035 140 0.03 VALUATION

0.025 150 120

Trailing Relative Price Relative 0.02 Price Relative 100 PE -ve

0.015 Absolute Price (local (local currency) AbsolutePrice 100 EV/EBITDA -ve 0.01 80 PB 1.0 0.005 PCF -ve 0 50 60 Div Yield 0.0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Price/Sales +ve Absolute Price Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.0

90 90 90 Div Payout 0.0 80 80 80 ROE -ve

70 70 70

Share Index) Share

Share Sector) Share - 60 - 60 60 DESCRIPTION 50 50 50 40 40 he Company is an exploration and production 40 RSI RSI (Absolute) 30 30 company seeking to exploit previously discovered 30 fields in Georgia optimal for Western technology and 20 20 enhanced production techniques.

10 20 10 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 10 0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Block Energy 14 May 2021

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

30-Apr-2021 30-Apr-2021 30-Apr-2021 1 1 9 0.9 0.9 8 0.8 0.8 7 0.7 0.7 6 0.6 0.6 5 +1SD 0.5 0.5 4 0.4 0.4 3 0.3 0.3 Avg 0.2 0.2 2 0.1 0.1 1 0 ‖ ‖ 0 ‖ ‖ ‖ ‖ 0 -1SD May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

Harbour Energy PLC -0.2 Hunting 30.2 Energean 2.2 EnQuest -0.6 Diversified Energy Company 12.0 1.4 Pharos Energy -0.7 BP 11.5 Lamprell 1.4 -0.8 Tullow Oil 8.2 Diversified Energy Company 1.3 Lamprell BP -1.5 Oil Gas and Coal 8.1 1.2 Oil Gas and Coal -4.9 Block Energy 1.0 B 7.6 Block Energy -5.0 Oil Gas and Coal 1.0 Harbour Energy PLC Royal Dutch Shell B -6.5 2.8 Hunting 0.6 -9.4 Pharos Energy 2.6 Pharos Energy 0.5 Wood Group (John) -10.9 Block Energy 0.0 Harbour Energy PLC 0.0 Energean -20.9 Lamprell 0.0 Tullow Oil 0.0 Diversified Energy Company -47.5 Energean 0.0 EnQuest 0.0 -50 -45 -40 -35 -30 -25 -20 -15 -10 -5 0 0 5 10 15 20 25 30 35 0 0.5 1 1.5 2 2.5

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

30-Apr-2021 30-Apr-2021 30-Apr-2021 1 1 16 ‖ ‖ 0.9 0.9 14 0.8 0.8 12 0.7 0.7 0.6 0.6 10 0.5 0.5 8 0.4 0.4 6 0.3 0.3 4 0.2 0.2 0.1 0.1 2 0 ‖ ‖ 0 0 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

Wood Group (John) 11.3 Diversified Energy Company 9.5 Block Energy 15.0 Hunting 10.3 BP 6.6 Energean 15.0 BP 6.5 Oil Gas and Coal 4.6 Cairn Energy 2.8 Oil Gas and Coal 5.0 Royal Dutch Shell A 3.7 Diversified Energy Company 2.7 Royal Dutch Shell B 4.6 Royal Dutch Shell B 3.5 Pharos Energy 1.1 Diversified Energy Company 4.6 Hunting 1.6 Oil Gas and Coal 0.6 Harbour Energy PLC 0.6 Wood Group (John) 0.0 BP 0.4 Block Energy -3.6 Pharos Energy 0.0 EnQuest 0.4 Petrofac -14.7 Lamprell 0.0 Wood Group (John) 0.3 Energean -27.9 Energean 0.0 Harbour Energy PLC 0.3 Lamprell -46.8 Block Energy 0.0 Petrofac 0.1 -50 -40 -30 -20 -10 0 10 20 0 2 4 6 8 10 12 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Block Energy 14 May 2021

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

30-Apr-2021 30-Apr-2021 30-Apr-2021 0.25 1 1 0.9 0.9 0.2 0.8 0.8 0.7 0.7 0.15 0.6 0.6 +1SD 0.5 0.5 0.1 0.4 0.4 0.3 0.3 0.05 0.2 0.2 Avg 0.1 0.1 0 0 0 ‖ ‖ May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

Petrofac 2.2 Tullow Oil 0.0 Diversified Energy Company -2.7 Energean 1.6 Pharos Energy 0.0 Wood Group (John) -5.6 BP 1.2 Harbour Energy PLC 0.0 Cairn Energy -9.4 Diversified Energy Company 0.8 EnQuest 0.0 Energean -9.9 Diversified Energy Company Royal Dutch Shell B Oil Gas and Coal 0.8 0.0 -12.9 Block Energy 0.0 Oil Gas and Coal -15.8 Royal Dutch Shell B 0.7 Hunting 0.0 Block Energy -28.4 Lamprell 0.4 BP 0.0 Pharos Energy -50.0 Cairn Energy 0.2 Oil Gas and Coal 0.0 Lamprell -50.0 Pharos Energy 0.2 Royal Dutch Shell B 0.0 EnQuest -50.0 Hunting 0.0 Royal Dutch Shell A 0.0 Harbour Energy PLC -50.0 Block Energy 0.0 Cairn Energy 0.0 Tullow Oil -50.0 0 0.5 1 1.5 2 2.5 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 -60 -50 -40 -30 -20 -10 0

ROE vs. PB — sector Du Pont Analysis

2.5 scatter 5 1

0.9 ENOG 0 0.8 2 0.7 -5 0.6 1.5 PFC -10 0.5 PB DECLAM

BP. 0.4 CNEBLOEOil Gas and Coal 1 RDSB -15 RDSA 0.3

WG. 0.2 HTG -20 0.5 PHAR 0.1 -25 ‖ 0 2017 2018 2019 2020 2021 0 TLWHBRENQ 0 0.4 0.8 1.2 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Block Energy 14 May 2021

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt les