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Pin to quick picksBlock Energy P. Regulatory News (BLOE)

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Share Options and PDMR Dealing

Wed, 5th Jan 2022 09:51

RNS Number : 5086X
Block Energy PLC
05 January 2022
 

5 January 2022

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 4 January 2022, it issued nil-cost options over a total of 4,005,741 ordinary shares of 0.25p each ("Options") to directors, employees and consultants. The Options were issued in lieu of cash payment for 40% of salaries and consultants' fees and up to 50% of directors' fees, in accordance with the cash conservation measures announced on 7 April 2020 and subsequent agreements with the employees, consultants and non-executive directors for 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 calendar month that the services were provided.

Of the total numbers of Options issued, 2,260,514 Options were issued to 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

685,692

17,006,582

William McAvock

Chief Financial Officer

489,780

10,619,859

Chris Boffey

Chief Legal Officer

603,482

603,482

Philip Dimmock

Non-Executive Chairman

195,912

928,612

Charles Valceschini

Non-Executive Director*

18,496

619,360

Jeremy Asher

Non-Executive Director

133,576

380,872

Kenneth Seymour

Non-Executive Director

133,576

342,222

 

* Mr Valceschini is no longer a non-executive director of the Company, having left the board on 3 December 2021, but the 18,496 options in the above table have been issued to him as part-payment of fees for services provided during his tenure as a non-executive director.

Additionally, today, the Company allotted 324,102 ordinary shares of 0.25p each to two service providers in lieu of cash settlement for services provided to the Company with a total value of £3,033.

Application will be made for the admission to trading on AIM ("Admission") for the 324,102 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 10 January 2022.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 653,073,627 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 653,073,627 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)

 

Price(s)

Volumes(s)

0p

685,692

 

d)

Aggregated information

n/a

e)

Date of the transaction

4 January 2022

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

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)

 

Price(s)

Volumes(s)

0p

489,780

 

d)

Aggregated information

n/a

e)

Date of the transaction

4 January 2022

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 Boffey

 

2

Reason for notification

a)

Position / status

Chief Legal Officer

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)

 

Price(s)

Volumes(s)

0p

603,482

 

d)

Aggregated information

n/a

e)

Date of the transactions

4 January 2022

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

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)

 

Price(s)

Volumes(s)

0p

195,912

 

d)

Aggregated information

n/a

e)

Date of the transactions

4 January 2022

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)

 

Price(s)

Volumes(s)

0p

133,576

 

d)

Aggregated information

n/a

e)

Date of the transactions

4 January 2022

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)

 

Price(s)

Volumes(s)

0p

133,576

 

d)

Aggregated information

n/a

e)

Date of the transactions

4 January 2022

f)

Place of the transactions

Outside a trading venue

 

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END
 
 
DSHGCGDBCSGDGDU
Date   Source Headline
3rd Aug 20221:33 pmRNSResults of Annual General Meeting
2nd Aug 202210:38 amRNSIssue of Options and Shares and PDMR Dealing
1st Aug 20221:20 pmRNSWest Rustavi/Krtsanisi Field CPR - Replacement
1st Aug 202212:02 pmRNSWest Rustavi/Krtsanisi Field CPR - Replacement
1st Aug 20227:00 amRNSWest Rustavi/Krtsanisi Field CPR

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