Block Energy PLC Exercise of Options; PDMR Dealing (3601Q)
February 25 2021 - 6:03AM
UK Regulatory
TIDMBLOE
RNS Number : 3601Q
Block Energy PLC
25 February 2021
25 February 2021
Block Energy plc
("Block" or the "Company")
Exercise of Options / PDMR Dealing
Block Energy plc, the development and production company focused
on Georgia, announces that a director, William McAvock, and an
employee have exercised nil-cost options ("Options") to acquire
653,517 and 295,231 ordinary shares of 0.25 pence each
respectively.
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 per cent of their salaries/fees in nil-cost options in
lieu of cash.
948,748 of the shares held in the Block Energy plc Employee
Benefit Trust ("EBT") will be used to satisfy some of the exercise.
Following the exercise of the Options, the remaining number of
shares held by the EBT will be 36,646,658, representing 5.94 per
cent of the current total issued share capital.
Following the exercise, Mr McAvock holds 653,517 shares in the
Company, representing 0.10 per cent of the Company's issued share
capital.
Block Energy plc's Chief Financial Officer, William McAvock,
said:
"After receiving 40 per cent of my salary in options for the
past eleven months, I am pleased to exercise some of the options,
pay the tax on the value of the shares acquired and become a
shareholder of the Company."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
-Ends-
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. boepd: barrels of oil equivalent per day.
5. Mbbls: thousand barrels.
6. MMbbls: million barrels.
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 William McAvock
-------------------------------- -----------------------------------
2 Reason for notification
---------------------------------------------------------------------
a) Position / status CFO
-------------------------------- -----------------------------------
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 Options to acquire ordinary shares
instrument, type of instrument in Block Energy plc
Identification code ISIN GB00BF3TBT48
-------------------------------- -----------------------------------
b) Nature of the transaction Exercise of options
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
nil 653,517
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 24 February 2021
-------------------------------- -----------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- -----------------------------------
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END
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