TIDMBLOE

RNS Number : 7839R

Block Energy PLC

02 July 2020

2 July 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 July 2020, it issued to directors/PDMRs, employees and a consultant nil-cost options over a total of 1,059,839 ordinary shares of 0.25p each ("Ordinary Shares"). The options were issued in lieu of payment of cash for 40% of salaries, directors' fees and consultancy fees for the month of June 2020, in accordance the cash conservation announced on 7 April 2020. Of the total, 586,062 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 June 2020.

 
 PDMR               Position                  Number of Options   Resulting total 
                                               granted             options held 
                                                                   over Ordinary 
                                                                   Shares 
                    Chief Executive 
 Paul Haywood        Officer                            232,014        13,083,511 
                   ------------------------  ------------------  ---------------- 
 Philip Dimmock     Non-Executive Chairman               72,919           231,792 
                   ------------------------  ------------------  ---------------- 
 Roger McMechan     Technical Director                   69,002         7,035,727 
                   ------------------------  ------------------  ---------------- 
                    Chief Financial 
 William McAvock     Officer                            165,724         3,787,202 
                   ------------------------  ------------------  ---------------- 
 Chris Brown        Non-Executive Director               46,403           145,698 
                   ------------------------  ------------------  ---------------- 
 

Additionally, on 1 July 2020, the Company allotted 188,435 Ordinary Shares to two service providers in lieu of cash settlement for services provided to the Company with a total value of GBP4,417.

Application will be made for the admission to trading on AIM ("Admission") for the 188,435 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 7 July 2020.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 435,891,269 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 435,891,269 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) 
                                           2.51422p   232,014 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transaction           1 July 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) 
                                           2.51422p   72,919 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transactions          1 July 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 salary and fees 
     --------------------------------  ----------------------------------- 
 c)   Price(s) and volumes(s)             Price(s)   Volumes(s) 
                                           2.51422p   69,002 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transaction           1 July 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) 
                                           2.51422p   165,724 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transaction           1 July 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) 
                                           2.51422p   46,403 
                                                     ----------- 
     --------------------------------  ----------------------------------- 
 d)   Aggregated information            n/a 
     --------------------------------  ----------------------------------- 
 e)   Date of the transactions          1 July 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

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July 02, 2020 02:00 ET (06:00 GMT)

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