Block Energy PLC Issue of Equity and PDMR Dealing (8610A)

TIDMBLOE

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   Resulting total 
                                               granted             options held 
                                                                   over Ordinary 
                                                                   Shares 
                    Chief Executive 
 Paul Haywood        Officer                            234,167        13,777,674 
                   ------------------------  ------------------  ---------------- 
                    Chief Financial 
 William McAvock     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 GBP19,212.

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.

**S**

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           Block Energy Plc              Tel: +44 (0)20 
  (Chief Executive                                     3980 6250 
  Officer) 
 Neil Baldwin           Spark Advisory Partners       Tel: +44 (0)20 
  (Nominated Adviser)    Limited                       3368 3554 
 Peter Krens            Mirabaud Securities Limited   Tel: +44 (0)20 
  (Corporate Broker)                                   3167 7221 
 Billy Clegg / Owen     Camarco                       Tel: +44 (0)20 
  Roberts / Violet                                     3757 4980 
  Wilson 
  (Financial PR)

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 XI(B) .

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.