TIDMBLOE
RNS Number : 8500U
Block Energy PLC
03 August 2020
3 August 2020
Block Energy Plc
("Block Energy" or the "Company")
Issue of Equity and PDMR Dealing
Block Energy Plc, the exploration and production company focused
on Georgia, announces that, on 1 August 2020, it issued nil-cost
options over a total of 1,116,333 ordinary shares of 0.25p each
("Options") to directors/PDMRs, employees and a consultant. The
Options were issued in lieu of payment of cash for 40% of salaries,
directors' fees and consultancy fees for the month of July 2020, in
accordance with the cash conservation measures announced on 7 April
2020. Of the total number of Options issued, 607,912 options were
issued to directors/PDMRs, as shown in the table below.
The number of shares were calculated by dividing 40% of the
monthly salary or fee by the volume weighted average price of the
ordinary shares during the month of July 2020.
PDMR Position Number of Options Resulting total
granted options held
over Ordinary
Shares
Chief Executive
Paul Haywood Officer 250,317 13,333,820
------------------------ ------------------ ----------------
Chief Financial
William McAvock Officer 178,798 3,966,000
------------------------ ------------------ ----------------
Philip Dimmock Non-Executive Chairman 78,671 310,463
------------------------ ------------------ ----------------
Roger McMechan Non-Executive Director 50,063 7,085,790
------------------------ ------------------ ----------------
Chris Brown Non-Executive Director 50,063 195,761
------------------------ ------------------ ----------------
Additionally, today, the Company allotted 407,374 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 GBP10,000.
Application will be made for the admission to trading on AIM
("Admission") for the 407,374 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 6 August 2020.
Total Voting Rights
Following Admission, the Company's issued share capital will
comprise 436,298,643 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 436,298,643 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**
The notification below, made in accordance with the Market Abuse
Regulation, provides further details in relation to these PDMR
dealings.
For further information please visit
http://www.blockenergy.co.uk/ or contact:
Paul Haywood Block Energy Plc Tel: +44 (0)20
(Chief Executive 3980 6250
Officer)
Neil Baldwin Spark Advisory Partners Tel: +44 (0)20
(Nominated Adviser) Limited 3368 3554
Peter Krens Mirabaud Securities Limited Tel: +44 (0)20
(Corporate Broker) 3167 7221
Billy Clegg / Owen Camarco Tel: +44 (0)20
Roberts / Violet 3757 4980
Wilson
(Financial PR)
Notes to editors
Block Energy 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.
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 Energy also holds 100% and 90% working interests in the
onshore oil producing Norio and Satskhenisi fields. It has recently
entered into a conditional sale and purchase agreement for Georgian
onshore Blocks XIB and IX.
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.
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)
2.33038p 250,317
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 1 August 2020
-------------------------------- -----------------------------------
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)
2.33038p 78,671
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transactions 1 August 2020
-------------------------------- -----------------------------------
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 Roger McMechan
-------------------------------- -----------------------------------
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 transaction Issue of options in lieu of cash
payment for fees
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
2.33038p 50,063
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 1 August 2020
-------------------------------- -----------------------------------
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 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)
2.33038p 178,798
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 1 August 2020
-------------------------------- -----------------------------------
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)
2.33038p 50,063
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transactions 1 August 2020
-------------------------------- -----------------------------------
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.
END
MSCUPUGGRUPUPUP
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