Block Energy PLC Issue of Options and Shares and PDMR Dealing (5435K)

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	7.14%	1.50	1.40	1.60	1.55	1.40	1.40	5,984,319	16:04:12

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
Minrls,earths-ground,treated	8.26M	-1.61M	-0.0024	-6.25	10.21M

Block Energy (LSE:BLOE)
Historical Stock Chart

From Apr 2021 to Apr 2024

Click Here for more Block Energy Charts.

TIDMBLOE

RNS Number : 5435K

Block Energy PLC

02 September 2021

2 September 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 1 September 2021, it issued nil-cost options over a total of 1,151,680 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 August 2021, in accordance with the cash conservation measures announced on 7 April 2020 ("Cash Conservation Measures") and subsequent agreements with the non-executive directors for 50% of directors' 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 month of August 2021.

Of the total numbers of Options issued, 570,731 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                            244,984        15,209,731 
                       ------------------------  ------------------  ---------------- 
                        Chief Financial 
 William McAvock         Officer                            174,988         9,336,395 
                       ------------------------  ------------------  ---------------- 
 Philip Dimmock         Non-Executive Chairman               69,995           415,227 
                       ------------------------  ------------------  ---------------- 
 Charles Valceschini    Non-Executive Director               47,724           384,405 
                       ------------------------  ------------------  ---------------- 
 Jeremy Asher           Non-Executive Director               33,040            33,040 
                       ------------------------  ------------------  ----------------

Additionally, today, the Company allotted 62,005 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 GBP1,624.

Application will be made for the admission to trading on AIM ("Admission") for the 62,005 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 8 September 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 626,041,323 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 626,041,323 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                 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 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.    MMbbls: million barrels. 
   6.    MMboe: million barrels of oil equivalent. 
   7.    Bcf: billion cubic feet.