Block Energy PLC Grant of Options (4428Q)

TIDMBLOE

RNS Number : 4428Q

Block Energy PLC

21 October 2019

21 October 2019

Block Energy Plc

("Block" or the "Company")

Grant of Options

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, has today granted a total of 6,325,000 options to acquire ordinary shares in the capital of the Company to new and existing employees. The options have an exercise price of 11p per share, an expiry date 10 years from the date of grant, and vest by one-third on each of the first, second and third anniversaries of the date of grant.

Block has also decided to grant 2,200,000 options to acquire ordinary shares in the capital of the Company with the same terms as those above to other new employees, but conditional on the successful completion of probation periods.

Details of those options granted to directors/PDMRs are provided in the table below.

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

For further information please visit http://www.blockenergy.co.uk/ or contact:

 
 Paul Haywood                                 Block Energy Plc                  Tel: [phone] 
  (Chief Executive Officer) 
 Neil Baldwin                                 Spark Advisory Partners Limited   Tel: [phone] 
  (Nominated Adviser) 
 Peter Krens                                  Mirabaud Securities Limited       Tel: [phone] 
  (Corporate Broker) 
 Billy Clegg / Owen Roberts / Violet Wilson   Camarco                           Tel: [phone] 
  (Financial PR) 
 

Notes to editors

Block Energy is an AIM-listed independent oil and gas company focused on production and development in the Republic of Georgia, applying innovative, modern technology to realise the full potential of previously discovered fields. The Company is pursuing a fully-funded multi-well programme through 2019/20 designed to convert contingent resources to reserves, and reserves to revenue.

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 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 by Gustavson Associates: 1 January 2018).

Block also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. The Company offers a clear entry point for investors to gain exposure to Georgia's under-developed opportunities and strong regional demand for oil and gas.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                           William McAvock 
     -----------------------------  --------------------------------------- 
 2    Reason for notification 
     ---------------------------------------------------------------------- 
 a)   Position / status              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 of 0.25p each in the 
       instrument, type of            capital of Block Energy plc 
       instrument 
       Identification code            ISIN GB00BF3TBT48 
     -----------------------------  --------------------------------------- 
      Nature of the transaction      Grant of Options to acquire shares 
     -----------------------------  --------------------------------------- 
      Price(s) and volumes(s)        3,125,000 shares at 11 pence per share 
                                      vesting in equal tranches 1, 2 and 
                                      3 years from 21 October 2019 
     -----------------------------  --------------------------------------- 
 d)   Aggregated information         n/a 
     -----------------------------  --------------------------------------- 
 e)   Date of the transaction        21 October 2019 
     -----------------------------  --------------------------------------- 
 f)   Place of the transaction       Off market 
     -----------------------------  --------------------------------------- 
 

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October 21, 2019 02:01 ET (06:01 GMT)