REG - Block Energy PLC - Issue of Options and Shares and PDMR Dealing
08/02/2023 09:45
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RNS Number : 3045P Block Energy PLC 08 February 2023
8 February 2023
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.
On 3 February 2023, the Company issued nil-cost options over a total of
1,471,773 ordinary shares of 0.25p each ("Options") to directors and
employees. The Options were granted in lieu of cash payment for 40% of
salaries 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 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.
Additionally, the Company issued nil-cost options over a total of 12,947,264
ordinary shares of 0.25p each ("Bonus Options") to an executive director and
another PDMR in lieu of cash bonuses for the year ended 31 December 2022, 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 Fergus Robson, the Company's Commercial
Manager, offered to take 100 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
the development of Project I, and the non-executive directors agreed to this
proposal for the same reason. Based on the January VWAP (which was used to
calculate the number of options granted), the Bonus Options were worth
£141,144 and £12,000 respectively. An additional 2,072,968 nil-cost options
were issued to staff in lieu of cash bonuses for the year ended 31 December
2022.
Also, pursuant to agreements to exercise options immediately upon grant, on 3
February 2023:
1. Philip Dimmock, Non-Executive Chairman, exercised nil cost options to
acquire 152,017 ordinary shares of 0.25 pence each;
2. Jeremy Asher, Non-Executive Director, exercised nil cost options to
acquire 103,648 ordinary shares of 0.25 pence each; and
3. Kenneth Seymour, former Non-Executive Director and current Chief
Operating Officer, exercised nil cost options to acquire 40,891 ordinary
shares of 0.25 pence each.
Of the total number of Options and Bonus Options granted, 13,797,164 Options
and Bonus 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 12,505,583 0 60,639,114 12,544,381 1.82%
Philip Dimmock Non-Executive Chairman 152,017 152,017 928,612 3,094,374 0.45%
Jeremy Asher Non-Executive Director 103,648 103,648 0 1,557,957 0.23%
Kenneth Seymour Chief Operating Officer 40,891 40,891 0 1,921,863 0.28%
Fergus Robson Commercial Manager 995,025 0 995,025 0 0.00%
Additionally, on 6 February 2023, the Company allotted 152,395 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 £1,838. Additionally, today,
the Company allotted 5,173,662 ordinary shares of 0.25p each to a former
employee of the Company following the exercise on 29 December 2022 of nil cost
options that had been granted in lieu of cash payment for salary and bonuses
during the employee's period of service.
Application will be made for the admission to trading on AIM ("Admission") for
the 5,622,613 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 14 February 2023.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise
686,749,694 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 686,749,694 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
Ali AlQahtani
(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 12,505,583
d) Aggregated information n/a
e) Date of the transaction 3 February 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transaction
3 February 2023
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.
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) 152,017
2) 0p 2) 152,017
d) Aggregated information n/a
e) Date of the transactions 3 February 2023
f) Place of the transactions Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transactions
3 February 2023
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) 103,648
2) 0p 2) 103,648
d) Aggregated information n/a
e) Date of the transactions 3 February 2023
f) Place of the transactions Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transactions
3 February 2023
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 Chief Operating 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 1) Grant of share options
2) Exercise of share options
c) Price(s) and volumes(s)
Price(s) Volumes(s)
1) 0p 1) 40,891
2) 0p 2) 40,891
d) Aggregated information n/a
e) Date of the transactions 3 February 2023
f) Place of the transactions Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transactions
3 February 2023
f)
Place of the transactions
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Fergus Robson
2 Reason for notification
a) Position / status Commercial Manager
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 995,025
d) Aggregated information n/a
e) Date of the transaction 3 February 2023
f) Place of the transaction Outside a trading venue
d)
Aggregated information
n/a
e)
Date of the transaction
3 February 2023
f)
Place of the transaction
Outside a trading venue
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