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Block Energy PLC - Issue of Equity and PDMR Dealing

RNS Number : 8610A
Block Energy PLC
02 October 2020
 

2 October 2020

Block Energy Plc

("Block Energy" or the "Company")

Issue of Equity and PDMR Dealing

Block Energy Plc, the exploration and production company focused on Georgia, announces that, on 1 October 2020, it issued nil-cost options over a total of 1,090,763 ordinary shares of 0.25p each ("Options") to directors/PDMRs and employees. The Options were issued in lieu of payment of cash for 40% of salaries and directors' fees for the month of September 2020, in accordance with the cash conservation measures announced on 7 April 2020. Of the total number of Options issued, 568,690 options were issued to directors/PDMRs, as shown in the table below.

The number of shares were calculated by dividing 40% of the monthly salary or fee by the volume weighted average price of the ordinary shares during the month of September 2020.

PDMR

Position

Number of Options granted

Resulting total options held over Ordinary Shares

Paul Haywood

Chief Executive Officer

234,167

13,777,674

William McAvock

Chief Financial Officer

167,262

4,283,033

Philip Dimmock

Non-Executive Chairman

73,595

449,957

Roger McMechan*

Non-Executive Director

46,833

6,928,402

Chris Brown

Non-Executive Director

46,833

284,530

 * Roger McMechan ceased to be a director/PDMR on 30 September 2020, but he was a director during the period for which the options were granted

Additionally, today, the Company allotted 724,433 ordinary shares of 0.25p each to four service providers in lieu of cash settlement for services provided to the Company with a total value of £19,212.

Application will be made for the admission to trading on AIM ("Admission") for the 724,433 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 7 October 2020.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 437,567,476 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 437,567,476 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**

The notification below, made in accordance with the Market Abuse Regulation, provides further details in relation to these PDMR dealings.

 

For further information please visit http://www.blockenergy.co.uk/ or contact:

Paul Haywood

(Chief Executive Officer)

Block Energy Plc

Tel: +44 (0)20 3980 6250

Neil Baldwin

(Nominated Adviser)

Spark Advisory Partners Limited

Tel: +44 (0)20 3368 3554

Peter Krens

(Corporate Broker)

Mirabaud Securities Limited

Tel: +44 (0)20 3167 7221

Billy Clegg / Owen Roberts / Violet Wilson

(Financial PR)

Camarco

Tel: +44 (0)20 3757 4980

 

Notes to editors

Block Energy is an AIM-listed independent oil and gas company focused on production and development in Georgia by applying innovative technology to realise the full potential of previously discovered fields.

The Company has a 100% working interest in the highly prospective 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 50 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 Energy also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. In March 2020, it entered into a conditional sale and purchase agreement to acquire a company that owns Georgian onshore Blocks IX and XIB.

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.

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

/Amendment

Initial

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

Identification code

Options to acquire ordinary shares in Block Energy plc

ISIN GB00BF3TBT48

b)

Nature of the transaction

Issue of options in lieu of cash payment for salary

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

2.49110p

234,167

 

d)

Aggregated information

n/a

e)

Date of the transaction

1 October 2020

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

Philip Dimmock

 

2

Reason for notification

a)

Position / status

Non-Executive Chairman

b)

Initial notification

/Amendment

Initial

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

Identification code

Options to acquire ordinary shares in Block Energy plc

ISIN GB00BF3TBT48

b)

Nature of the transactions

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

2.49110p

73,595

 

d)

Aggregated information

n/a

e)

Date of the transactions

1 October 2020

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

Roger McMechan

2

Reason for notification

a)

Position / status

Non-Executive Director

b)

Initial notification

/Amendment

Initial

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

Identification code

Options to acquire ordinary shares in Block Energy plc

ISIN GB00BF3TBT48

b)

Nature of the transaction

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

2.49110p

46,833

 

d)

Aggregated information

n/a

e)

Date of the transaction

1 October 2020

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

/Amendment

Initial

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

Identification code

Options to acquire ordinary shares in Block Energy plc

ISIN GB00BF3TBT48

b)

Nature of the transaction

Issue of options in lieu of cash payment for salary

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

2.49110p

167,262

 

d)

Aggregated information

n/a

e)

Date of the transaction

1 October 2020

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 Brown

2

Reason for notification

a)

Position / status

Non-Executive Director

b)

Initial notification

/Amendment

Initial

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

Identification code

Options to acquire ordinary shares in Block Energy plc

ISIN GB00BF3TBT48

b)

Nature of the transactions

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

2.49110p

46,833

 

d)

Aggregated information

n/a

e)

Date of the transactions

1 October 2020

f)

Place of the transactions

Outside a trading venue

 

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END
 
 
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