REG - Block Energy PLC - Issue of Options and Shares and PDMR Dealing
02/08/2022 10:45
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RNS Number : 6152U Block Energy PLC 02 August 2022
2 August 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 it has issued nil-cost options and shares.
Today, the Company granted nil-cost options over a total of 1,888,686 ordinary
shares of 0.25p each ("Options") to directors, employees, and consultants. The
Options were granted 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.
Also, pursuant to agreements to exercise options immediately upon grant, on 2
August 2022:
1. Philip Dimmock, Non-Executive Chairman, exercised nil cost options to
acquire 131,055 ordinary shares of 0.25 pence each;
2. Jeremy Asher, Non-Executive Director, exercised nil cost options to
acquire 89,356 ordinary shares of 0.25 pence each; and
3. Kenneth Seymour, Non-Executive Director, exercised nil cost options
to acquire 89,356 ordinary shares of 0.25 pence each.
Of the total number of Options granted, 1,266,534 Options were granted to
PDMRs, as shown in the table below.
PDMR Position Number of Options granted Number of Options exercised Resulting total options held over ordinary shares Resulting total ordinary shares following exercise Resulting total ordinary shares following exercise
Paul Haywood Chief Executive Officer 477,039 45,936,033 12,544,381 1.90%
William McAvock Chief Financial Officer 340,743 15,759,124 4,039,130 0.61%
Chris Boffey Chief Legal Officer 138,985 2,896,705 0 0.00%
Philip Dimmock Non-Executive Chairman 131,055 131,055 928,612 2,338,649 0.35%
Jeremy Asher Non-Executive Director 89,356 89,356 0 1,042,690 0.16%
Kenneth Seymour Non-Executive Director 89,356 89,356 0 1,469,353 0.22%
Also, on 2 August 2022, the Company granted nil-cost options over a total of
2,733,285 ordinary shares of 0.25p each ("Bonus Options") to three employees
in lieu of cash bonuses for the year ended 31 December 2021, in accordance
with the Company's performance-related cash bonus scheme and to conserve the
Company's cash for increasing production. At the closing price of the ordinary
shares on the trading day preceding the date of grant of 1.40 pence per share,
the Bonus Options were valued at £38,266.
Additionally, today, the Company allotted (a) 671,722 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 £11,473, and (b) 397,169 ordinary shares
of 0.25p each to a former consultant to the Company following the exercise on
1 August 2022 of nil cost options that had been granted in lieu of cash
payment for part of the consultants' fees.
Application will be made for the admission to trading on AIM ("Admission") for
the 1,378,658 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 8 August 2022.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise
660,950,998 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 660,950,998 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 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 licence block XI(F), which contains
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 over 75 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 Grant of share options
c) Price(s) and volumes(s)
Price(s) Volumes(s)
0p 477,039
d) Aggregated information n/a
e) Date of the transaction 2 August 2022
f) Place of the transaction Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transaction
2 August 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 Grant of share options
c) Price(s) and volumes(s)
Price(s) Volumes(s)
0p 340,743
d) Aggregated information n/a
e) Date of the transaction 2 August 2022
f) Place of the transaction Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transaction
2 August 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)
0p 138,985
d) Aggregated information n/a
e) Date of the transactions 2 August 2022
f) Place of the transactions Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transactions
2 August 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 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) Grant of share options
2) Exercise of share options
c) Price(s) and volumes(s)
Price(s) Volumes(s)
1) 0p 1) 131,055
2) 0p 2) 131,055
d) Aggregated information n/a
e) Date of the transactions 2 August 2022
f) Place of the transactions Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transactions
2 August 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 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) Grant of share options
2) Exercise of share options
c) Price(s) and volumes(s)
Price(s) Volumes(s)
1) 0p 1) 89,356
2) 0p 2) 89,356
d) Aggregated information n/a
e) Date of the transactions 2 August 2022
f) Place of the transactions Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transactions
2 August 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 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) Grant of share options
2) Exercise of share options
c) Price(s) and volumes(s)
Price(s) Volumes(s)
1) 0p 1) 89,356
2) 0p 2) 89,356
d) Aggregated information n/a
e) Date of the transactions 2 August 2022
f) Place of the transactions Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transactions
2 August 2022
f)
Place of the transactions
Outside a trading venue
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