REG - Block Energy PLC - PDMR Dealing

Block EnergyAnnouncement

26/04/2023 16:15

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RNS Number : 5889X  Block Energy PLC  26 April 2023

26 April 2023

Block Energy plc

("Block" or the "Company")

PDMR Dealing

Block Energy plc, the development and production company focused on Georgia,
announces that a PDMR has undertaken a "bed-and ISA" operation.

On 26 April 2023, Ken Seymour, Block's Chief Operating Officer sold 902,755
shares of 0.25p each in the Company and immediately repurchased 900,247 shares
into Dr. Seymour's ISA account, the difference between the sale and purchase
being brokerage commission. Following this transaction, Dr. Seymour's interest
in the Company's shares has decreased by 2,508 shares to 1,919,355 shares
representing 0.28% of the current issued share capital.

**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                                                                                             Ken Seymour
 2   Reason for notification
 a)  Position / status                                                                                COO
 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 transaction                                                                        Sale and purchase of ordinary shares
 c)  Price(s) and volumes(s)

Price(s)             Volumes(s)
                                                                                                      Sale at 0.130 p      902,755
                                                                                                      Purchase at 0.130 p  900,247

 
 d)  Aggregated information                                                                           n/a
 e)  Date of the transaction                                                                          26 April 2023
 f)  Place of the transaction                                                                         London Stock Exchange, AIM

 

d)

Aggregated information

n/a

e)

Date of the transaction

26 April 2023

f)

Place of the transaction

London Stock Exchange, AIM

 

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