Issue of Options and PDMR Dealing

RNS Number : 2721H
Block Energy PLC
02 August 2021
 

2 August 2021

Block Energy plc

("Block" or the "Company")

Issue of Options and PDMR Dealing

Block Energy plc, the development and production company focused on Georgia, announces that, on 2 August 2021, it issued nil-cost options over a total of 1,338,503 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 July 2021, in accordance with the cash conservation measures announced on 7 April 2020 ("Cash Conservation Measures") 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 July 2021.

Of the total numbers of Options issued, 567,319 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

258,483

14,964,747

William McAvock

Chief Financial Officer

184,630

9,161,407

Philip Dimmock

Non-Executive Chairman

73,852

345,232

Charles Valceschini

Non-Executive Director

50,354

336,681

 

**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: +44 (0)20 3468 9891

Neil Baldwin

(Nominated Adviser)

Spark Advisory Partners Limited

Tel: +44 (0)20 3368 3554

Peter Krens

(Corporate Broker)

Tennyson Securities

Tel: +44 (0)20 7186 9030

Mark Antelme

Philip Dennis

(Financial PR Adviser)

Celicourt Communications

Tel: +44 (0)20 8434 2643

 

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 XIB. Licence block XIB 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.  MMbbls: million barrels.

6.  MMboe: million barrels of oil equivalent.

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

258,483

 

d)

Aggregated information

n/a

e)

Date of the transaction

2 August 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

73,852

 

d)

Aggregated information

n/a

e)

Date of the transactions

2 August 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

184,630

 

d)

Aggregated information

n/a

e)

Date of the transaction

2 August 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

50,354

 

d)

Aggregated information

n/a

e)

Date of the transactions

2 August 2021

f)

Place of the transactions

Outside a trading venue

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHEAFPAEEPFEFA
UK 100

Latest directors dealings