Block Energy PLC Exercise of Options (1154F)
July 13 2021 - 9:29AM
UK Regulatory
TIDMBLOE
RNS Number : 1154F
Block Energy PLC
13 July 2021
13 July 2021
Block Energy plc
("Block" or the "Company")
Exercise of Options
Block Energy plc, the development and production company focused
on Georgia, announces that today an employee exercised nil-cost
options ("Options") to acquire 331,468 ordinary shares of 0.25
pence each.
The Options had been granted as a result of the Company's salary
and fees sacrifice scheme that was announced on 7 April 2020,
whereby the employee agreed to receive 40 per cent of his salary in
nil-cost options in lieu of cash.
331,468 of the shares held in the Block Energy plc Employee
Benefit Trust ("EBT") will be used to satisfy the exercise.
Following the exercise of the Options, the remaining number of
shares held by the EBT will be 23,937,010, representing 3.82 per
cent of the current total issued share capital.
**ENDS**
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.
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 Tel: +44 (0)20
(Corporate Broker) 7186 9030
Billy Clegg / Owen Camarco Tel: +44 (0)20
Roberts / Violet 3757 4980
Wilson
(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 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 MMboe, which
is comprised 2P oil reserves of 36 MMbbls and 2P gas reserves of 28
MMboe (Source: CPR Bayphase Limited: 1 July 2015) 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. MMboe: million barrels of oil equivalent.
6. MMbbls: million barrels.
7. Bcf: billion cubic feet.
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END
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