Last checked at 15 Sep 2021 17:35
15 September 2021
Block Energy plc
("Block" or the "Company")
Issue of Shares to Employee Benefit Trust
Block Energy plc, the development and production company focused on Georgia, announces that it has allotted 24,877,230 ordinary shares of 0.25p each in the Company ("New Ordinary Shares") to the Block Energy Plc Employee Benefit Trust ("EBT").
The EBT is a discretionary trust for the benefit of employees, former employees, and their dependants. It is intended that the shares in the EBT will be used to satisfy obligations arising from the Company's Management Incentive Plan and any other share and option awards granted to employees.
The Company has been notified by the trustee of the EBT that it intends to subscribe for the New Ordinary Shares, representing 3.97% of the existing issued share capital of the Company, at par value per ordinary share at an aggregate cost of £62,193.07. The Company has agreed to lend £62,193.07 to the EBT to fund the subscription for the New Ordinary Shares.
Awards of ordinary shares to beneficiaries of the EBT by the trustees will be subject to appropriate vesting and other performance conditions, which are set under the MIP by the Remuneration Committee in line with normal market practice.
Accordingly, on 15 September 2021, the Company allotted 24,877,230 new ordinary shares to the EBT. Application will be made for the admission to trading on AIM ("Admission") for the 24,877,230 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 21 September 2021.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise 650,918,553 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 650,918,553 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 | 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.