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Block Energy PLC - Exercise of Options and PDMR Dealing

RNS Number : 4359L
Block Energy PLC
12 January 2021
 

12 January 2021

 

Block Energy plc

 

("Block" or the "Company")

 

Exercise of Options and PDMR Dealing

 

Block Energy plc, the development and production company focused on Georgia, announces that Chris Brown, Non-Executive Director, has exercised nil-cost options ("Options") to acquire 397,904 ordinary shares of 0.25 pence each.

 

The Options had been acquired as a result of the Company's salary and fees sacrifice scheme that was announced on 7 April 2020 whereby directors and employees of the Company agreed to receive 40% of their salaries/fees in nil-cost options in lieu of cash.

 

Consequently, on 12 January 2021, the Company allotted 397,904 ordinary shares of 0.25p each to Chris Brown. Mr Brown now holds 568,347 ordinary shares, representing 0.09% of the Company's enlarged issue share capital.

Application will be made for the admission to trading on AIM ("Admission") for the 397,904 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 18 January 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 615,557,568 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 615,557,568 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 3468 9891

Neil Baldwin

(Nominated Adviser)

SPARK Advisory Partners Limited

Tel: +44 (0)20 3368 3554

Peter Krens

(Corporate Broker)

Tennyson Securities Limited

Tel: +44 (0)20 7186 9030

Owen Roberts / Violet Wilson

(Financial PR)

Camarco

Tel: +44 (0)20 3757 4980

 

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 recently acquired a 100% working interest in Georgian onshore licence blocks IX and XIB. Licence block XIB is Georgia's most productive block, with 2P oil and gas reserves of 64 million boe and historic 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 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 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

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

2.    boe: barrels of oil equivalent.

3.    bopd: barrels of oil per day.

4.    Mbbls: thousand barrels.

5.    MMbbls: million barrels.

6.    MMCF/d: million cubic feet per day.

7.    BCF: billion cubic feet.

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

Ordinary shares in Block Energy plc

ISIN GB00BF3TBT48

b)

Nature of the transaction

Exercise of options to acquire ordinary shares in Block Energy plc

c)

Price(s) and volumes(s)

 

Price(s)

Volumes(s)

nil

397,904

d)

Aggregated information

n/a

e)

Date of the transaction

11 January 2021

f)

Place of the transaction

Outside a trading venue

 

 

 

 

 

 

 

 

                                     

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Market: AIM
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