Thu, 14th Oct 2021 12:55
14 October 2021
Block Energy plc
("Block" or the "Company")
Exercise of Options
Block Energy Plc, the exploration and production company focused on Georgia, announces that, on 13 October 2021, an employee exercised nil-cost options to acquire 1,000,437 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.
200,087 of the 1,000,437 shares will be retained by the Company to recover the amount of the Georgian Income Tax that the Company will pay on behalf of the employee.
800,350 of the shares held in the Block Energy plc Employee Benefit Trust ("EBT") will be used to satisfy the exercise by the employee. Following this exercise, the remaining number of shares held by the EBT will be 47,025,606, representing 7.21 per cent of the current total issued share capital.
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:
(Chief Executive Officer)
Block Energy plc
Tel: +44 (0)20 3468 9891
Spark Advisory Partners Limited
Tel: +44 (0)20 3368 3554
Tel: +44 (0)20 7186 9030
Philip Dennis / Mark Antelme
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, 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.
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.