Last checked at 4 Oct 2021 07:00
4 October 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 2 October 2021, it issued nil-cost options over a total of 1,164,570 ordinary shares of 0.25p each ("Options") to directors/PDMRs and employees. The Options were issued in lieu of cash payment for 40% of salaries and up to 50% of directors' fees for the month of September 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 September 2021.
Of the total numbers of Options issued, 602,424 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 | 236,974 | 15,446,705 |
William McAvock | Chief Financial Officer | 169,267 | 9,505,662 |
Philip Dimmock | Non-Executive Chairman | 67,707 | 482,934 |
Charles Valceschini | Non-Executive Director | 46,164 | 430,569 |
Jeremy Asher | Non-Executive Director | 43,961 | 77,001 |
Kenneth Seymour | Non-Executive Director | 38,351 | 38,351 |
Additionally, today, the Company allotted 746,668 ordinary shares of 0.25p each to four service providers in lieu of cash settlement for services provided to the Company with a total value of £20,148.
Application will be made for the admission to trading on AIM ("Admission") for the 746,668 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 7 October 2021.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise 651,665,221 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 651,665,221 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 |
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, 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.
Glossary
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.
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) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transaction | 2 October 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) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transactions | 2 October 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) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transaction | 2 October 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) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transactions | 2 October 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 | Jeremy Asher | ||||
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) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transactions | 2 October 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 | Kenneth Seymour | ||||
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) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transactions | 2 October 2021 | ||||
f) | Place of the transactions | Outside a trading venue | ||||