REG - Block Energy PLC - Director/PDMR Shareholding

Block EnergyAnnouncement

08/04/2022 12:45

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RNS Number : 8338H  Block Energy PLC  08 April 2022

8 April 2022

Block Energy plc

("Block" or the "Company")

Director/PDMR Dealing

Block Energy plc, the development and production company focused on Georgia,
announces that, today, it was advised by Dr Kenneth Seymour, a non-executive
director of the Company that today, in a "Bed and ISA" transaction, he sold
553,795 ordinary shares of 0.25p each ("Ordinary Shares") at a price of 1.10
pence per share and purchased the same number of Ordinary Shares at a price of
1.24 pence per share.

Following these transactions, Dr Kenneth Seymour's resulting beneficial
holding is unchanged at 1,135,888 Ordinary Shares, representing 0.17% of the
Company's issued share capital of 657,174,343 Ordinary Shares.

**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                                                                                             Kenneth Seymour
 2   Reason for notification
 a)  Position / status                                                                                Non-Executive Director
 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                                                                       1) Sale of ordinary shares

                                                                                                      2) Purchase of ordinary shares
 c)  Price(s) and volumes(s)

Price(s)   Volumes(s)
                                                                                                      1) 1.10p   1) 553,795

                                                                                                      2) 1.24p   2) 553,795

 
 d)  Aggregated information                                                                           n/a
 e)  Date of the transactions                                                                         8 April 2022
 f)  Place of the transactions                                                                        London Stock Exchange

 

d)

Aggregated information

n/a

e)

Date of the transactions

8 April 2022

f)

Place of the transactions

London Stock Exchange

 

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