Exercise of Options / PDMR Dealing

RNS Number : 5790O

Block Energy PLC

11 October 2021

 

11 October 2021

Block Energy plc

("Block" or the "Company")

Exercise of Options / PDMR Dealing

Block Energy Plc, the exploration and production company focused on Georgia, announces that, on 8 October 2021, a former director exercised nil-cost options to acquire 299,412 ordinary shares of 0.25 pence each and, on 10 October 2021, William McAvock, Chief Financial Officer and Director, exercised nil cost options to acquire 699,801 ordinary shares of 0.25 pence each.

The nil cost options had been granted as a result of the Company's salary and fees sacrifice scheme that was announced on 7 April 2020 and a subsequent agreement, whereby employees and  directors agreed to receive up to 50 per cent of salaries and directors' fees in nil-cost options in lieu of cash.

699,801 of the shares held in the Block Energy plc Employee Benefit Trust ("EBT") will be used to satisfy the exercise by William McAvock. Following this exercise, the remaining number of shares held by the EBT will be 48,114,439, representing 7.38 per cent of the current total issued share capital.

Application will be made for the admission to trading on AIM ("Admission") for the 299,412 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 14 October 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 651,964,633 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 651,964,633 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]
P hilip Dennis / M ark Antelme (Financial PR)	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 is Georgia's most productive block, with 2P oil and gas 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) and 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 the highly prospective West Rustavi onshore oil and gas field with multiple wells that have tested oil and gas from a range of geological horizons. The field has so far produced 50 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

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

2.  Bcf: billion cubic feet.

3.  boe: barrels of oil equivalent.

4.  bopd: barrels of oil per day.

5.  Mbbls: thousand barrels.

6.  MMbbls: million barrels.

7.  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	William McAvock
2	Reason for notification
a)	Position / status	CFO
b)	Initial notification /Amendment	Initial
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	Exercise of options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) nil 699,801
d)	Aggregated information	n/a
e)	Date of the transaction	10 October 2021
f)	Place of the transaction	Outside a trading venue

 

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