TIDMBLOE
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 Resulting total
granted options held
over ordinary
shares
Chief Executive
Paul Haywood Officer 220,430 13,976,858
------------------------ ------------------ ----------------
Chief Financial
William McAvock 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 GBP1,717.
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.
**S**
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 AMED. 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 Block Energy plc Tel: +44 (0)20
(Chief Executive 3468 9891
Officer)
Neil Baldwin Spark Advisory Partners Tel: +44 (0)20
(Nominated Adviser) Limited 3368 3554
Peter Krens Tennyson Securities Tel: +44 (0)20
(Corporate Broker) 7186 9030
Billy Clegg / Owen Camarco Tel: +44 (0)20
Roberts / Violet 3757 4980
Wilson
(Financial PR)
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 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 Initial
/Amendment
-------------------------------- -----------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in Block Energy plc
Identification code 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 Initial
/Amendment
-------------------------------- -----------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in Block Energy plc
Identification code 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 Initial
/Amendment
-------------------------------- -----------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in Block Energy plc
Identification code 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 Initial
/Amendment
-------------------------------- -----------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in Block Energy plc
Identification code 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 Initial
/Amendment
-------------------------------- -----------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in Block Energy plc
Identification code 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 Initial
/Amendment
-------------------------------- -----------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in Block Energy plc
Identification code 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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END
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