Block Energy PLC Director/PDMR Shareholding (3737K)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Block Energy Plc	LSE:BLOE	London	Ordinary Share	GB00BF3TBT48	ORD SHS GBP0.0025

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	1.80	1.70	1.90				0.00	01:00:00

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
Minrls,earths-ground,treated	8.26M	-1.61M	-0.0024	-7.50	12.25M

Block Energy (LSE:BLOE)
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RNS Number : 3737K

Block Energy PLC

05 May 2022

5 May 2022

Block Energy plc

("Block" or the "Company")

Issue of Options and Shares and PDMR Dealing

Block Energy plc, the development and production company focused on Georgia, announces that, on 4 May 2022, it issued nil-cost options over a total of 2,574,630 ordinary shares of 0.25p each ("Options") to directors, employees, and consultants. The Options were issued in lieu of cash payment for 40% of salaries and consultants' fees and up to 50% of directors' fees, in accordance with the cash conservation measures announced on 7 April 2020 and subsequent agreements with the employees, consultants and non-executive directors for fees to be paid in nil-cost options in lieu of cash payment. The number of shares was calculated by dividing the amount of monthly salary or fee to be paid in Options by the volume weighted average price of the ordinary shares during the calendar month that the services were provided.

Also, pursuant to agreements to exercise options immediately upon grant, on 4 May 2022:

1. Philip Dimmock, Non-Executive Chairman, exercised nil cost options to acquire 139,386 ordinary shares of 0.25 pence each;

2. Jeremy Asher, Non-Executive Director, exercised nil cost options to acquire 95,036 ordinary shares of 0.25 pence each; and

3. Kenneth Seymour, Non-Executive Director, exercised nil cost options to acquire 95,036 ordinary shares of 0.25 pence each.

Of the total numbers of Options issued, 1,451,952 Options were issued to PDMRs, as shown in the table below.

 
 PDMR            Position                Number        Number        Resulting         Resulting         Resulting 
                                     of Options    of Options    total options    total ordinary    total ordinary 
                                        granted     exercised        held over            shares            shares 
                                                                      ordinary         following         following 
                                                                        shares          exercise          exercise 
                 Chief Executive 
 Paul Haywood     Officer               574,786                     44,663,141        12,544,381             1.91% 
                -----------------  ------------  ------------  ---------------  ----------------  ---------------- 
 William         Chief Financial 
  McAvock         Officer               410,566                     14,849,914         4,039,130             0.61% 
                -----------------  ------------  ------------  ---------------  ----------------  ---------------- 
                 Chief Legal 
 Chris Boffey     Officer               137,142                      2,533,040                 0             0.00% 
                -----------------  ------------  ------------  ---------------  ----------------  ---------------- 
 Philip          Non-Executive 
  Dimmock         Chairman              139,386       139,386          928,612         1,988,953             0.30% 
                -----------------  ------------  ------------  ---------------  ----------------  ---------------- 
 Jeremy          Non-Executive 
  Asher           Director               95,036        95,036                0           804,261             0.12% 
                -----------------  ------------  ------------  ---------------  ----------------  ---------------- 
 Kenneth         Non-Executive 
  Seymour         Director               95,036        95,036                0         1,230,924             0.19% 
                -----------------  ------------  ------------  ---------------  ----------------  ----------------

Additionally, on 4 May 2022, the Company allotted 306,619 ordinary shares of 0.25p each to three service providers in lieu of cash settlement for services provided to the Company with a total value of GBP4,033.

Application will be made for the admission to trading on AIM ("Admission") for the 636,077 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 10 May 2022.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 657,810,420 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 657,810,420 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**

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 AMED. 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 
 Mark Antelme              Celicourt Communications   Tel: +44 (0)20 
  Philip Dennis                                        8434 2643 
  (Financial PR Adviser)

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 reserves of 64 MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015) and historical 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 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.    Bcf: billion cubic feet. 
   3.    boe: barrels of oil equivalent. 
   4.    bopd: barrels of oil per day. 
   5.    Mbbls: thousand barrels. 
   6.    MMbbls: million barrels. 
   7.    MMboe: million barrels of oil equivalent.