Block Energy PLC Exercise of Options and PDMR Dealing (4359L)
January 12 2021 - 8:52AM
UK Regulatory
TIDMBLOE
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 Block Energy Plc Tel: +44 (0)20
(Chief Executive 3468 9891
Officer)
Neil Baldwin SPARK Advisory Partners Tel: +44 (0)20
(Nominated Adviser) Limited 3368 3554
Peter Krens Tennyson Securities Limited Tel: +44 (0)20
(Corporate Broker) 7186 9030
Owen Roberts / Violet Camarco Tel: +44 (0)20
Wilson 3757 4980
(Financial PR)
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 XI(B) . Licence block XI(B) 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 Initial
/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 Ordinary shares in Block Energy
instrument, type of instrument plc
Identification code 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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END
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