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

Block EnergyAnnouncement

07/03/2023 07:00

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RNS Number : 0635S  Block Energy PLC  07 March 2023

7 March 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 7 March 2023, the Company granted nil-cost options over a total of
4,854,871 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 and for bonuses, 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.

Also, pursuant to agreements to exercise options immediately upon grant, on 7
March 2023:

1.    Philip Dimmock, Non-Executive Chairman, exercised nil cost options to
acquire 163,698 ordinary shares of 0.25 pence each; and

2.    Jeremy Asher, Non-Executive Director, exercised nil cost options to
acquire 114,450 ordinary shares of 0.25 pence each.

Of the total number of Options granted, 899,158 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  611,010                    0                            61,249,875                                         12,544,381                                          1.82%
 Philip Dimmock  Non-Executive Chairman   163,698                    163,698                      928,612                                            3,258,072                                           0.47%
 Jeremy Asher    Non-Executive Director   114,450                    114,450                      0                                                  1,672,407                                           0.24%

 

Additionally, on 7 March 2023, the Company allotted 646,849 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 £7,782.93. Of such, 498,445
shares ordinary shares of 0.25p to a value of £6,000 were allotted to a
company controlled by Ken Seymour (Block's Chief Operating Officer and a PDMR)
as payment for services in January and February 2023.

Application will be made for the admission to trading on AIM ("Admission") for
the 924,997 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 13 March 2023.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise
687,674,691 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 687,674,691 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        611,010

 
 d)  Aggregated information                                                                           n/a
 e)  Date of the transaction                                                                          7 March 2023
 f)  Place of the transaction                                                                         Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transaction

7 March 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) 163,698

                                                                                                      2) 0p     2) 163,698

 
 d)  Aggregated information                                                                           n/a
 e)  Date of the transactions                                                                         7 March 2023
 f)  Place of the transactions                                                                        Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transactions

7 March 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) 114,450

                                                                                                      2) 0p     2) 114,450

 
 d)  Aggregated information                                                                           n/a
 e)  Date of the transactions                                                                         7 March2023
 f)  Place of the transactions                                                                        Outside a trading venue

 

d)

Aggregated information

n/a

e)

Date of the transactions

7 March2023

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                                       Ordinary shares in Block Energy plc

     Identification code                                                                              ISIN GB00BF3TBT48
 b)  Nature of the transactions                                                                       Issue of shares
 c)  Price(s) and volumes(s)

Price(s)     Volumes(s)
                                                                                                      1) 1.2061p   1) 248,736

                                                                                                      2) 1.2014p   2) 249,709

 
 d)  Aggregated information                                                                           498,445 ordinary shares at an average of 1.20374p per share
 e)  Date of the transactions                                                                         7 March 2023
 f)  Place of the transactions                                                                        Outside a trading venue

 

d)

Aggregated information

498,445 ordinary shares at an average of 1.20374p per share

e)

Date of the transactions

7 March 2023

f)

Place of the transactions

Outside a trading venue

 

 

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