Source - LSE Regulatory
RNS Number : 7479U
Block Energy PLC
08 April 2021
 

8 April 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 6 April 2021, it issued nil-cost options over a total of 1,218,656 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 March 2021, in accordance with the cash conservation measures announced on 7 April 2020 and subsequent agreements with the two new non-executive directors in December 2020 and with new employees in January 2021 for 50% of salaries 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 March 2021.

Of the total numbers of Options issued, 566,820 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

220,430

13,976,858

William McAvock

Chief Financial Officer

157,450

11,141,586

Philip Dimmock

Non-Executive Chairman

62,980

62,980

Chris Brown

Non-Executive Director

40,078

112,127

Charles Valceschini

Non-Executive Director

42,941

144,235

David Sandroshvili

Non-Executive Director

42,941

136,819

 

Additionally, on 7 April 2021, the Company allotted 58,972 ordinary shares of 0.25p each to a service provider in lieu of cash settlement for services provided to the Company with a total value of £1,717.

Application will be made for the admission to trading on AIM ("Admission") for the 58,972 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 13 April 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 624,326,102 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 624,326,102 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: +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

Billy Clegg / Owen Roberts / Violet Wilson

(Financial PR)

Camarco

Tel: +44 (0)20 3757 4980

 

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 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

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

Issue of options in lieu of cash payment for salary

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0p

220,430

 

d)

Aggregated information

n/a

e)

Date of the transaction

6 April 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

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

Issue of options in lieu of cash payment for fees

 

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0p

62,980

 

d)

Aggregated information

n/a

e)

Date of the transactions

6 April 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

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

Issue of options in lieu of cash payment for salary

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0p

157,450

 

d)

Aggregated information

n/a

e)

Date of the transaction

6 April 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

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

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0p

40,078

d)

Aggregated information

n/a

e)

Date of the transactions

6 April 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

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

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0p

42,941

 

d)

Aggregated information

n/a

e)

Date of the transactions

6 April 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

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

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

0p

42,941

 

d)

Aggregated information

n/a

e)

Date of the transactions

6 April 2021

f)

Place of the transactions

Outside a trading venue

               

 

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