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BLOE Block Energy Plc

0.975
0.10 (11.43%)
Last Updated: 11:57:07
Delayed by 15 minutes
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
  0.10 11.43% 0.975 0.90 1.05 0.975 0.875 0.875 4,883,336 11:57:07
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Minrls,earths-ground,treated 8.26M -1.61M -0.0024 -4.04 6.6M

Block Energy PLC Issue of Options and Shares and PDMR Dealing (7479U)

08/04/2021 7:00am

UK Regulatory


Block Energy (LSE:BLOE)
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TIDMBLOE

RNS Number : 7479U

Block Energy PLC

08 April 2021

8 April 2021

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 6 April 2021, it issued nil-cost options over a total of 1,218,656 ordinary shares of 0.25p each ("Options") to directors/PDMRs and employees. The Options were issued in lieu of payment of cash for 40% of salaries and up to 50% of directors' fees for the month of March 2021, in accordance with the cash conservation measures announced on 7 April 2020 and subsequent agreements with the two new non-executive directors in December 2020 and with new employees in January 2021 for 50% of salaries 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 month of March 2021.

Of the total numbers of Options issued, 566,820 Options were issued to directors/PDMRs, as shown in the table below.

 
 PDMR                   Position                  Number of Options   Resulting total 
                                                            granted      options held 
                                                                        over ordinary 
                                                                               shares 
                        Chief Executive 
 Paul Haywood            Officer                            220,430        13,976,858 
                       ------------------------  ------------------  ---------------- 
                        Chief Financial 
 William McAvock         Officer                            157,450        11,141,586 
                       ------------------------  ------------------  ---------------- 
 Philip Dimmock         Non-Executive Chairman               62,980            62,980 
                       ------------------------  ------------------  ---------------- 
 Chris Brown            Non-Executive Director               40,078           112,127 
                       ------------------------  ------------------  ---------------- 
 Charles Valceschini    Non-Executive Director               42,941           144,235 
                       ------------------------  ------------------  ---------------- 
 David Sandroshvili     Non-Executive Director               42,941           136,819 
                       ------------------------  ------------------  ---------------- 
 

Additionally, on 7 April 2021, the Company allotted 58,972 ordinary shares of 0.25p each to a service provider in lieu of cash settlement for services provided to the Company with a total value of GBP1,717.

Application will be made for the admission to trading on AIM ("Admission") for the 58,972 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 13 April 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 624,326,102 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 624,326,102 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 
 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 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. 

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                              Paul Haywood 
     --------------------------------  ----------------------------------- 
 2    Reason for notification 
     --------------------------------------------------------------------- 
 a)   Position / status                 CEO 
     --------------------------------  ----------------------------------- 
 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         Issue of options in lieu of cash 
                                         payment for salary 
     --------------------------------  ----------------------------------- 
 c)   Price(s) and volumes(s)             Price(s)   Volumes(s) 
                                           0p         220,430 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transaction           6 April 2021 
     --------------------------------  ----------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  ----------------------------------- 
 

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                              Philip Dimmock 
     --------------------------------  ----------------------------------- 
 2    Reason for notification 
     --------------------------------------------------------------------- 
 a)   Position / status                 Non-Executive Chairman 
     --------------------------------  ----------------------------------- 
 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 transactions        Issue of options in lieu of cash 
                                         payment for fees 
     --------------------------------  ----------------------------------- 
 c)   Price(s) and volumes(s)             Price(s)   Volumes(s) 
                                           0p         62,980 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transactions          6 April 2021 
     --------------------------------  ----------------------------------- 
 f)   Place of the transactions         Outside a trading venue 
     --------------------------------  ----------------------------------- 
 

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         Issue of options in lieu of cash 
                                         payment for salary 
     --------------------------------  ----------------------------------- 
 c)   Price(s) and volumes(s)             Price(s)   Volumes(s) 
                                           0p         157,450 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transaction           6 April 2021 
     --------------------------------  ----------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  ----------------------------------- 
 

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      Options to acquire ordinary shares 
       instrument, type of instrument    in Block Energy plc 
       Identification code               ISIN GB00BF3TBT48 
     --------------------------------  ----------------------------------- 
 b)   Nature of the transactions        Issue of options in lieu of cash 
                                         payment for fees 
     --------------------------------  ----------------------------------- 
 c)   Price(s) and volumes(s)             Price(s)   Volumes(s) 
                                           0p         40,078 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transactions          6 April 2021 
     --------------------------------  ----------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  ----------------------------------- 
 

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                              Charles Valceschini 
     --------------------------------  ----------------------------------- 
 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      Options to acquire ordinary shares 
       instrument, type of instrument    in Block Energy plc 
       Identification code               ISIN GB00BF3TBT48 
     --------------------------------  ----------------------------------- 
 b)   Nature of the transactions        Issue of options in lieu of cash 
                                         payment for fees 
     --------------------------------  ----------------------------------- 
 c)   Price(s) and volumes(s)             Price(s)   Volumes(s) 
                                           0p         42,941 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transactions          6 April 2021 
     --------------------------------  ----------------------------------- 
 f)   Place of the transactions         Outside a trading venue 
     --------------------------------  ----------------------------------- 
 

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                              David Sandroshvili 
     --------------------------------  ----------------------------------- 
 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      Options to acquire ordinary shares 
       instrument, type of instrument    in Block Energy plc 
       Identification code               ISIN GB00BF3TBT48 
     --------------------------------  ----------------------------------- 
 b)   Nature of the transactions        Issue of options in lieu of cash 
                                         payment for fees 
     --------------------------------  ----------------------------------- 
 c)   Price(s) and volumes(s)             Price(s)   Volumes(s) 
                                           0p         42,941 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transactions          6 April 2021 
     --------------------------------  ----------------------------------- 
 f)   Place of the transactions         Outside a trading venue 
     --------------------------------  ----------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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April 08, 2021 02:00 ET (06:00 GMT)

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