Director/PDMR Shareholding

RNS Number : 9971E

Block Energy PLC

02 November 2022

 

2 November 2022

Block Energy plc

("Block" or the "Company")

Issue of Options and Shares and PDMR Dealing

Block Energy plc, the development and production company focused on Georgia, announces that it has issued nil-cost options and shares.

On 1 November 2022, the Company granted nil-cost options over a total of 1,259,685 ordinary shares of 0.25p each ("Options") to directors, employees, and consultants. The Options were granted in lieu of cash payment for 40% of salaries and consultants' fees and up to 50% of directors' fees, in accordance with the cash conservation measures announced on 7 April 2020 and subsequent agreements with the employees, consultants and non-executive directors for fees to be paid in nil-cost options in lieu of cash payment. The number of shares was calculated by dividing the amount of monthly salary or fee to be paid in Options by the volume weighted average price of the ordinary shares during the calendar month that the services were provided.

Also, pursuant to agreements to exercise options immediately upon grant, on 1 November 2022:

1.  Philip Dimmock, Non-Executive Chairman, exercised nil cost options to acquire 98,597 ordinary shares of 0.25 pence each;

2.  Jeremy Asher, Non-Executive Director, exercised nil cost options to acquire 67,225 ordinary shares of 0.25 pence each; and

3.  Kenneth Seymour, Non-Executive Director, exercised nil cost options to acquire 67,225 ordinary shares of 0.25 pence each.

Of the total number of Options granted, 959,413 Options were granted to PDMRs, as shown in the table below.

PDMR	Position	Number of Options granted	Number of Options exercised	Resulting total options held over ordinary shares	Resulting total ordinary shares following exercise	Resulting total ordinary shares following exercise
Paul Haywood	Chief Executive Officer	358,893		47,128,326	12,544,381	1.88%
William McAvock	Chief Financial Officer	256,352		17,244,089	4,039,130	0.61%
Chris Boffey	Chief Legal Officer	111,121		3,257,219	0	0.00%
Philip Dimmock	Non-Executive Chairman	98,597	98,597	928,612	2,666,202	0.40%
Jeremy Asher	Non-Executive Director	67,225	67,225	0	1,266,022	0.19%
Kenneth Seymour	Non-Executive Director	67,225	67,225	0	1,692,685	0.25%

Additionally, on 2 November 2022, the Company allotted 656,382 ordinary shares of 0.25p each to two service providers in lieu of cash settlement for services provided to the Company with a total value of £12,198.

Application will be made for the admission to trading on AIM ("Admission") for the 889,429 ordinary shares. The ordinary shares will rank pari passu in all respects with the existing ordinary shares of the Company. Admission is expected at 8.00 a.m. on or around 7 November 2022.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 666,489,623 ordinary shares with one voting right each. As the Company does not hold any shares in Treasury, the total number of voting rights in the Company is also 666,489,623 and this figure of ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

**ENDS**

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

For further information please visit http://www.blockenergy.co.uk/ or contact:

Paul Haywood (Chief Executive Officer)	Block Energy plc	Tel: [phone]
Neil Baldwin (Nominated Adviser)	Spark Advisory Partners Limited	Tel: [phone]
Peter Krens (Corporate Broker)	Tennyson Securities	Tel: [phone]
Mark Antelme Philip Dennis (Financial PR Adviser)	Celicourt Communications	Tel: [phone]

Notes to editors

Block Energy plc is an AIM-listed independent oil and gas company focused on production and development in Georgia, applying innovative technology to realise the full potential of previously discovered fields.

Block has a 100% working interest in Georgian onshore licence blocks IX and XI^B. Licence block XI^B has 2P reserves of 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015). Additionally, following an internal technical study designed to evaluate and quantify the undrained oil potential of the Middle Eocene within the Patardzeuli field, the Company has estimated gross unrisked 2C contingent resources of 200 MMbbls of oil. Licence block XI^B is Georgia's most productive block, with historical production of over 180 MMbbls of oil from the Middle Eocene, peaking in the mid-1980s at 67,000 bopd.

The Company has a 100% working interest in licence block XI^F, which contains the West Rustavi onshore oil and gas field. Multiple wells have tested oil and gas from a range of geological horizons. The field has produced over 75 Mbbls of light sweet crude and has 0.9 MMbbls of gross 2P oil reserves in the Middle Eocene. It also has 38 MMbbls of gross unrisked 2C contingent resources of oil and 608 Bcf of gross unrisked 2C contingent resources of gas in the Middle, Upper and Lower Eocene formations (Source: CPR Gustavson Associates: 1 January 2018) .

Block also holds 100% and 90% working interests respectively in the onshore oil-producing Norio and Satskhenisi fields.

The Company offers a clear entry point for investors to gain exposure to Georgia's growing economy and the strong regional demand for oil and gas.

Glossary

· bbls: barrels. A barrel is 35 imperial gallons.

· Bcf: billion cubic feet.

· boe: barrels of oil equivalent.

· bopd: barrels of oil per day.

· Mbbls: thousand barrels.

· MMbbls: million barrels.

· MMboe: million barrels of oil equivalent.

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Paul Haywood
2	Reason for notification
a)	Position / status	CEO
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Block Energy plc
b)	LEI	213800E2J8QA1J6KN415
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48
b)	Nature of the transaction	Grant of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 0p 358,893
d)	Aggregated information	n/a
e)	Date of the transaction	1 November 2022
f)	Place of the transaction	Outside a trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	William McAvock
2	Reason for notification
a)	Position / status	CFO
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Block Energy plc
b)	LEI	213800E2J8QA1J6KN415
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of  the financial instrument, type of instrument Identification code	Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48
b)	Nature of the transaction	Grant of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 0p 256,352
d)	Aggregated information	n/a
e)	Date of the transaction	1 November 2022
f)	Place of the transaction	Outside a trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Chris Boffey
2	Reason for notification
a)	Position / status	Chief Legal Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Block Energy plc
b)	LEI	213800E2J8QA1J6KN415
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48
b)	Nature of the transactions	Grant of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 0p 111,121
d)	Aggregated information	n/a
e)	Date of the transactions	1 November 2022
f)	Place of the transactions	Outside a trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Philip Dimmock
2	Reason for notification
a)	Position / status	Non-Executive Chairman
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Block Energy plc
b)	LEI	213800E2J8QA1J6KN415
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48
b)	Nature of the transactions	1) Grant of share options 2) Exercise of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 1) 0p 2) 0p 1) 98,597 2) 98,597
d)	Aggregated information	n/a
e)	Date of the transactions	1 November 2022
f)	Place of the transactions	Outside a trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jeremy Asher
2	Reason for notification
a)	Position / status	Non-Executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Block Energy plc
b)	LEI	213800E2J8QA1J6KN415
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48
b)	Nature of the transactions	1) Grant of share options 2) Exercise of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 1) 0p 2) 0p 1) 67,225 2) 67,225
d)	Aggregated information	n/a
e)	Date of the transactions	1 November 2022
f)	Place of the transactions	Outside a trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Kenneth Seymour
2	Reason for notification
a)	Position / status	Non-Executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Block Energy plc
b)	LEI	213800E2J8QA1J6KN415
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48
b)	Nature of the transactions	1) Grant of share options 2) Exercise of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 1) 0p 2) 0p 1) 67,225 2) 67,225
d)	Aggregated information	n/a
e)	Date of the transactions	1 November 2022
f)	Place of the transactions	Outside a trading venue

 

END

 

 

DSHBKDBKBBDBODK