Block Energy PLC Issue of Shares to Employee Benefit Trust (9198L)
16 September 2021 - 2:35AM
UK Regulatory
TIDMBLOE
RNS Number : 9198L
Block Energy PLC
15 September 2021
15 September 2021
Block Energy plc
("Block" or the "Company")
Issue of Shares to Employee Benefit Trust
Block Energy plc, the development and production company focused
on Georgia, a nnounces that it has allotted 24,877,230 ordinary
shares of 0.25p each in the Company ("New Ordinary Shares") to the
Block Energy Plc Employee Benefit Trust ("EBT").
The EBT is a discretionary trust for the benefit of employees,
former employees, and their dependants. It is intended that the
shares in the EBT will be used to satisfy obligations arising from
the Company's Management Incentive Plan and any other share and
option awards granted to employees.
The Company has been notified by the trustee of the EBT that it
intends to subscribe for the New Ordinary Shares, representing
3.97% of the existing issued share capital of the Company, at par
value per ordinary share at an aggregate cost of GBP62,193.07. The
Company has agreed to lend GBP62,193.07 to the EBT to fund the
subscription for the New Ordinary Shares.
Awards of ordinary shares to beneficiaries of the EBT by the
trustees will be subject to appropriate vesting and other
performance conditions, which are set under the MIP by the
Remuneration Committee in line with normal market practice.
Accordingly, on 15 September 2021, the Company allotted
24,877,230 new ordinary shares to the EBT. Application will be made
for the admission to trading on AIM ("Admission") for the
24,877,230 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 21
September 2021.
Total Voting Rights
Following Admission, the Company's issued share capital will
comprise 650,918,553 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 650,918,553 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.
**ENDS**
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.
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.
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END
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