REG - Block Energy PLC - Director/PDMR Shareholding

Block EnergyAnnouncement

08/04/2022 07:00

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RNS Number : 7255H  Block Energy PLC  08 April 2022

8 April 2022

Block Energy plc

("Block" or the "Company")

Issue of Options and PDMR Dealing

Block Energy plc, the development and production company focused on Georgia,
announces that, today, it issued nil-cost options over a total of 12,836,556
ordinary shares of 0.25p each ("Bonus Options") to executive directors/PDMRs
in lieu of cash bonuses for the year ended 31 December 2021, in accordance
with the Company's performance-related cash bonus scheme. Paul Haywood, the
Company's CEO, offered to take 100 per cent of his bonus award in the form of
nil-cost options, and William McAvock, the Company's CFO, offered to take 50
per cent of his bonus award in the form of nil-cost options, in both cases in
order to conserve the Company's cash for expanding production as soon as
possible, and the non-executive directors agreed to this proposal for the same
reason. At the closing price of the ordinary shares on the trading day
preceding the date of issue of 1.325 pence per share, the Bonus Options were
valued at £170,804.

Also, on 7 April 2022, William McAvock, cancelled 3,125,000 of his LTIP
Options with an exercise price of 11p that were granted to him on 21 October
2019.

Additionally, today, under its Long-Term Incentive Plan, the Company issued
options over a total of 42 million ordinary shares of 0.25p each ("LTIP
Options") to executive directors/PDMRs, employees and consultants. The LTIP
Options have an expiry date ten years from the date of grant, and vest by
one-third on each of the first, second and third anniversaries of the date of
grant, and an exercise price of 1.325p per share, which was the closing price
of the ordinary shares on the trading day preceding the date of issue. The
LTIP Options awarded to the two executive directors have additional
operational performance conditions (to drill one well and perform 50 well
workovers) that must be achieved for each of the three annual tranches to
vest.

Of the total number of LTIP Options issued, 20 million LTIP Options were
issued to directors/PDMRs, as shown in the table below.

 PDMR             Position                 Number of Options cancelled  Number of Bonus Options granted  Number of LTIP Options granted  Resulting total options held over ordinary shares
 Paul Haywood     Chief Executive Officer  -                            10,896,226                       14,500,000                      44,088,355
 William McAvock  Chief Financial Officer  3,125,000                    1,940,330                        4,500,000                       14,439,348
 Chris Boffey     Chief Legal Officer      -                            -                                1,000,000                       2,395,898

 

The remaining 22 million options were granted to senior members of staff,
twelve based in Georgia and five based in the UK.

 

The Company has also amended the rules of its Management Incentive Plan to
change the number of options that can be issued from 10 per cent of issued
ordinary share capital to 10 per cent of fully diluted ordinary share capital
and to exclude options granted in lieu of cash for fees, salary or bonus in
calculating the limit. This is in order to preserve the original intention of
the scheme, to limit conventional share options as used in the LTIP
arrangements, when the directors had not anticipated the simultaneous use of
nil-cost options as an alternative to shares in lieu of fees or cash
compensation.

 

**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                Block Energy plc                 Tel: +44 (0)20 3468 9891

 (Chief Executive Officer)
 Neil Baldwin                Spark Advisory Partners Limited  Tel: +44 (0)20 3368 3554

 (Nominated Adviser)
 Peter Krens                 Tennyson Securities              Tel: +44 (0)20 7186 9030

 (Corporate Broker)
 Mark Antelme                Celicourt Communications         Tel: +44 (0)20 8434 2643

 Philip Dennis

 (Financial PR Adviser)

 

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
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 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                                                                             Initial notification

     /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 instrument, type of instrument                                      Options to acquire ordinary shares in Block Energy plc

     Identification code                                                                              ISIN GB00BF3TBT48
 b)  Nature of the transaction                                                                        1) Grant of share options

                                                                                                      2) Grant of share options
 c)  Price(s) and volumes(s)

Price(s)    Volumes(s)
                                                                                                      1) 0p       1) 10,896,226

                                                                                                      2) 1.325p   2) 14,500,000

 
 d)  Aggregated information                                                                           n/a
 e)  Date of the transaction                                                                          8 April 2022
 f)  Place of the transaction                                                                         Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transaction

8 April 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                                                                             Initial notification

     /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 instrument, type of instrument                                    Options to acquire ordinary shares in Block Energy plc

     Identification code                                                                              ISIN GB00BF3TBT48
 b)  Nature of the transaction                                                                        1) Cancellation of share options

                                                                                                      2) Grant of share options

                                                                                                      3) Grant of share options
 c)  Price(s) and volumes(s)

Price(s)    Volumes(s)
                                                                                                      1) 11p      1) 3,125,000

                                                                                                      2) 0p       2) 1,940,330

                                                                                                      2) 1.325p   3) 4,500,000

 
 d)  Aggregated information                                                                           n/a
 e)  Date of the transaction                                                                          8 April 2022
 f)  Place of the transaction                                                                         Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transaction

8 April 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                                                                             Initial notification

     /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 instrument, type of instrument                                      Options to acquire ordinary shares in Block Energy plc

     Identification code                                                                              ISIN GB00BF3TBT48
 b)  Nature of the transactions                                                                       Grant of share options
 c)  Price(s) and volumes(s)

Price(s)  Volumes(s)
                                                                                                      1.325p    1,000,000

 
 d)  Aggregated information                                                                           n/a
 e)  Date of the transactions                                                                         8 April 2022
 f)  Place of the transactions                                                                        Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transactions

8 April 2022

f)

Place of the transactions

Outside a trading venue

 

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