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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END
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