Block Energy PLC Exercise of Options (4366B)
October 08 2020 - 2:00AM
UK Regulatory
TIDMBLOE
RNS Number : 4366B
Block Energy PLC
08 October 2020
8 October 2020
Block Energy plc
("Block Energy", "Block" or the "Company")
Exercise of Options
Block Energy Plc, the exploration and production company focused
on Georgia, announces that employees have exercised options to
acquire, in aggregate, 943,107 ordinary shares of 0.25 pence
each.
The exercise will be satisfied out of existing shares held in
the Block Energy plc Employee Benefit Trust ("EBT"). Following the
exercise of these options, the remaining number of shares held by
the EBT will be 38,348,495, representing 8.76 per cent of the
current total issued share capital.
The Company's total issued share capital at the date of this
announcement therefore remains unchanged at 437,567,476 ordinary
shares with one voting right each. As the Company does not hold any
shares in treasury, this is the total number of voting rights in
the Company and 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.
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.
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END
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