Block Energy PLC Shares Issue and Exercise of Options/PDMR Dealing (6043S)

TIDMBLOE

RNS Number : 6043S

Block Energy PLC

17 March 2021

17 March 2021

This announcement replaces 4884S which was released at 7.00am on Wednesday 17 March 2021. The Company's issued share capital in the Total Voting Rights paragraph has been corrected to read 624,267,130. All other details remain unchanged. The full amended text is shown below.

Block Energy plc

("Block" or the "Company")

Issue of Shares and Exercise of Options / PDMR Dealing

Block Energy plc, the development and production company focused on Georgia, announces that Paul Haywood, CEO, has exercised an option to acquire 4,400,000 ordinary shares of 0.25 pence each ("Ordinary Shares") at the exercise price of 2.5 pence per share.

On 16 March 2021, the Company received the exercise proceeds of GBP110,000 and allotted 4,400,000 Ordinary Shares to Paul Haywood.

Mr Haywood now holds 12,544,381 Ordinary Shares, representing 2.02 per cent of the Company's enlarged issued share capital, directly in his own name and a further 3,166,837 Ordinary Shares, representing 0.51 per cent of the Company's enlarged issued share capital, is owned by Plutus Strategies Ltd, a company in which he is a shareholder.

Additionally, today, the Company allotted 2,190,707 Ordinary Shares to a service provider as part settlement for services provided to the Company with a total value of GBP72,134.

Application will be made for the admission to trading on AIM ("Admission") for the 6,590,707 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 22 March 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 624,267,130 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 624,267,130 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.

Block Energy plc's CEO, Paul Haywood, said:

"I am pleased to increase my investment in the Company, exercising my option to purchase 4.4 million shares for 2.5p each. I now own over two per cent of the Company's issued shares and remain focused on creating value for all shareholders. Likewise, the directors and employees of Block remain committed to the future of the Company and continue to receive a significant portion of their remuneration in options to acquire Block shares, further strengthening our alignment with all shareholders. This will be an exciting year for the Company, and I look forward to providing further operational updates soon."

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.

-Ends-

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 Limited   Tel: +44 (0)20 
  (Corporate Broker)                                    7186 9030 
 Owen Roberts / Violet   Camarco                       Tel: +44 (0)20 
  Wilson                                                3757 4980 
  (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 recently acquired 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 million boe 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.    boepd: barrels of oil equivalent per day. 
   5.    Mbbls: thousand barrels. 
   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         Exercise of options 
     --------------------------------  ----------------------------------- 
 c)   Price(s) and volumes(s)             Price(s)   Volumes(s) 
                                           2.5p       4,400,000 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transaction           16 March 2021 
     --------------------------------  ----------------------------------- 
 f)   Place of the transaction          Outside a trading venue 
     --------------------------------  ----------------------------------- 
 

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March 17, 2021 09:39 ET (13:39 GMT)