Issue of Options and Shares and PDMR Dealing

RNS Number : 0147B

Block Energy PLC

07 June 2021

 

7 June 2021

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, on 4 June 2021, it issued nil-cost options over a total of 1,226,567 ordinary shares of 0.25p each ("Options") to directors/PDMRs and employees. The Options were issued in lieu of payment of cash for 40% of salaries and up to 50% of directors' fees for the month of May 2021, in accordance with the cash conservation measures announced on 7 April 2020 and subsequent agreements with the non-executive directors for 50% of directors' 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 month of May 2021.

Of the total numbers of Options issued, 640,206 Options were issued to directors/PDMRs, as shown in the table below.

PDMR	Position	Number of Options granted	Resulting total options held over ordinary shares
Paul Haywood	Chief Executive Officer	247,718	14,478,342
William McAvock	Chief Financial Officer	176,941	11,499,788
Philip Dimmock	Non-Executive Chairman	70,776	206,260
Chris Brown	Non-Executive Director	48,257	217,828
Charles Valceschini	Non-Executive Director	48,257	241,927
David Sandroshvili	Non-Executive Director	48,257	234,511

Additionally, today, the Company allotted 125,696 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 £3,234.

Application will be made for the admission to trading on AIM ("Admission") for the 125,696 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 11 June 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 624,623,513 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 624,623,513 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]
Billy Clegg / Owen Roberts / Violet Wilson (Financial PR)	Camarco	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, which is comprised 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015)and historic 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.  boe: barrels of oil equivalent.

3.  bopd: barrels of oil per day.

4.  Mbbls: thousand barrels.

5.  MMboe: million barrels of oil equivalent.

6.  MMbbls: million barrels.

7.  Bcf: billion cubic feet.

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 247,718
d)	Aggregated information	n/a
e)	Date of the transaction	4 June 2021
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	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	Grant of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 0p 70,776
d)	Aggregated information	n/a
e)	Date of the transactions	4 June 2021
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	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 176,941
d)	Aggregated information	n/a
e)	Date of the transaction	4 June 2021
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 Brown
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	Grant of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 0p 48,257
d)	Aggregated information	n/a
e)	Date of the transactions	4 June 2021
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	Charles Valceschini
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	Grant of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 0p 48,257
d)	Aggregated information	n/a
e)	Date of the transactions	4 June 2021
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	David Sandroshvili
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	Grant of share options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 0p 48,257
d)	Aggregated information	n/a
e)	Date of the transactions	4 June 2021
f)	Place of the transactions	Outside a trading venue

 

END

 

 

DSHUBAWRASUNRRR