REG - Block Energy PLC - Issue of Options and Shares and PDMR Dealing

Block EnergyAnnouncement

05/10/2022 09:31

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RNS Number : 7418B  Block Energy PLC  04 October 2022

4 October 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 2,061,387 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 4
October 2022:

1.    Philip Dimmock, Non-Executive Chairman, exercised nil cost options to
acquire 98,658 ordinary shares of 0.25 pence each;

2.    Jeremy Asher, Non-Executive Director, exercised nil cost options to
acquire 67,267 ordinary shares of 0.25 pence each; and

3.    Kenneth Seymour, Non-Executive Director, exercised nil cost options
to acquire 67,267 ordinary shares of 0.25 pence each.

Of the total number of Options granted, 1,593,030 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  359,115                                                 46,769,433                                         12,544,381                                          1.90%
 William McAvock  Chief Financial Officer  889,838                                                 16,987,737                                         4,039,130                                           0.61%
 Chris Boffey     Chief Legal Officer      110,885                                                 3,146,098                                          0                                                   0.00%
 Philip Dimmock   Non-Executive Chairman   98,658                     98,658                       928,612                                            2,567,605                                           0.39%
 Jeremy Asher     Non-Executive Director   67,267                     67,267                       0                                                  1,198,797                                           0.18%
 Kenneth Seymour  Non-Executive Director   67,267                     67,267                       0                                                  1,625,460                                           0.25%

 

Additionally, on 4 October 2022, the Company allotted 1,399,683 ordinary
shares of 0.25p each to three service providers in lieu of cash settlement for
services provided to the Company with a total value of £21,950.

Application will be made for the admission to trading on AIM ("Admission") for
the 1,632,875 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 October 2022.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise
665,135,737 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 665,135,737 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) has 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). Additionally, following an internal technical study
designed to evaluate and quantify the undrained oil potential of the Middle
Eocene within the Patardzeuli field, the Company has estimated gross unrisked
2C contingent resources of 200 MMbbls of oil. Licence block XI(B) is
Georgia's most productive block, with 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. Multiple wells have tested oil and
gas from a range of geological horizons. The field has 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

·    bbls: barrels. A barrel is 35 imperial gallons.

·    Bcf: billion cubic feet.

·    boe: barrels of oil equivalent.

·    bopd: barrels of oil per day.

·    Mbbls: thousand barrels.

·    MMbbls: million barrels.

·    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        359,115

 
 d)  Aggregated information                                            n/a
 e)  Date of the transaction                                           4 October 2022
 f)  Place of the transaction                                          Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transaction

4 October 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        889,838

 
 d)  Aggregated information                                               n/a
 e)  Date of the transaction                                              4 October 2022
 f)  Place of the transaction                                             Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transaction

4 October 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        110,885

 
 d)  Aggregated information                                            n/a
 e)  Date of the transactions                                          4 October 2022
 f)  Place of the transactions                                         Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transactions

4 October 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) 98,658

                                                                       2) 0p     2) 98,658

 
 d)  Aggregated information                                            n/a
 e)  Date of the transactions                                          4 October 2022
 f)  Place of the transactions                                         Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transactions

4 October 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) 67,267

                                                                       2) 0p     2) 67,267

 
 d)  Aggregated information                                            n/a
 e)  Date of the transactions                                          4 October 2022
 f)  Place of the transactions                                         Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transactions

4 October 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) 67,267

                                                                       2) 0p     2) 67,267

 
 d)  Aggregated information                                            n/a
 e)  Date of the transactions                                          4 October 2022
 f)  Place of the transactions                                         Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transactions

4 October 2022

f)

Place of the transactions

Outside a trading venue

 

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