2nd Jun 2020 07:00
2 June 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, further to the RNS announcement of 7 April 2020 in which the Company announced the scheme to conserve cash by paying 40% of salaries and directors' fees in options, that on 1 June 2020 it issued to directors/PDMRs and employees nil-cost options ("Options") over a total of 1,384,383 ordinary shares of 0.25p each ("Ordinary Shares") in lieu of payment of cash for 40% of salaries and directors' fees for May 2020. Of the total, 845,139 Options have been issued to directors/PDMRs, as shown in the table below.
The number of shares has been calculated by dividing 40% of the monthly salary or fee by the volume weighted average price of the Ordinary Shares during the month of May 2020.
PDMR | Position | Number of Options granted | Resulting total options held over Ordinary Shares |
Paul Haywood | Chief Executive Officer | 287,183 | 12,851,497 |
Philip Dimmock | Non-Executive Chairman | 65,642 | 158,873 |
Roger McMechan | Technical Director | 246,157 | 6,966,725 |
William McAvock | Chief Financial Officer | 205,131 | 3,621,478 |
Chris Brown | Non-Executive Director | 41,026 | 99,295 |
Additionally, on 1 June 2020, the Company issued 1,654,824 Ordinary Shares, details of which are set out below:
150,731 Ordinary Shares have been allotted to Philip Dimmock, Chairman, at an average price of 3.98p in settlement of fees amounting to £6,000 due to him and 100,486 Ordinary Shares have been allotted to Chris Brown, Non-Executive Director, at an average price of 3.98p in settlement of fees of £4,000 due to him. The issue price of these shares has been calculated monthly, based on the monthly volume weighted average price ("VWAP") for the months to which these fees relate. The agreements to issue shares in lieu of cash payment for fees were made in 2018.
1,124,058 Ordinary Shares have been allotted to two consultants to the Company as settlement for services provided on the Georgian operations during the period from February 2019 to March 2020 with a total value of £57,229.
75,000 Ordinary Shares have been allotted to Timothy Parson, former Non-Executive Director of the Company, as settlement for services provided on the Georgian operations during 2017 with a total value of £3,000.
204,549 Ordinary Shares have been allotted to an advisor to the Company in lieu of cash settlement for services provided to the Company during the two months period from 1 April 2020 to 31 May 2020 with a total value of £3,433.
Application will be made for the admission to trading on AIM ("Admission") for the 1,654,824 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 5 June 2020.
Total Voting Rights
Following Admission, the Company's issued share capital will consist of 396,093,486 Ordinary Shares with one voting right each. The Company does not hold any shares in Treasury. Therefore, the total number of voting rights in the Company is 396,093,486. Thereafter, the above figure of 396,093,486 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**
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 (Chief Executive Officer) | Block Energy Plc | Tel: +44 (0)20 3980 6250 |
Neil Baldwin (Nominated Adviser) | Spark Advisory Partners Limited | Tel: +44 (0)20 3368 3554 |
Peter Krens (Corporate Broker) | Mirabaud Securities Limited | Tel: +44 (0)20 3167 7221 |
Billy Clegg / Owen Roberts / Violet Wilson (Financial PR) | Camarco | Tel: +44 (0)20 3757 4980 |
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 /Amendment | Initial | ||||
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 instrument, type of instrument Identification code | Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48 | ||||
b) | Nature of the transaction | Issue of options in lieu of cash payment for salary | ||||
c) | Price(s) and volumes(s) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transaction | 1 June 2020 | ||||
f) | Place of the transaction | London | ||||
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 /Amendment | Initial | ||||
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 instrument, type of instrument
Identification code | (1) Options to acquire ordinary shares in Block Energy plc (2) Ordinary shares in Block Energy plc
ISIN GB00BF3TBT48 | ||||
b) | Nature of the transactions | (1) Issue of options in lieu of cash payment for fees (2) Issue of shares for fees | ||||
c) | Price(s) and volumes(s) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transactions | 1 June 2020 | ||||
f) | Place of the transactions | London | ||||
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 | Technical Director | ||||
b) | Initial notification /Amendment | Initial | ||||
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 instrument, type of instrument Identification code | Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48 | ||||
b) | Nature of the transaction | Issue of options in lieu of cash payment for salary | ||||
c) | Price(s) and volumes(s) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transaction | 1 June 2020 | ||||
f) | Place of the transaction | London | ||||
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 /Amendment | Initial | ||||
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 instrument, type of instrument Identification code | Options to acquire ordinary shares in Block Energy plc ISIN GB00BF3TBT48 | ||||
b) | Nature of the transaction | Issue of options in lieu of cash payment for salary | ||||
c) | Price(s) and volumes(s) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transaction | 1 June 2020 | ||||
f) | Place of the transaction | London | ||||
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 /Amendment | Initial | ||||
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 instrument, type of instrument
Identification code | (1) Options to acquire ordinary shares in Block Energy plc (2) Ordinary shares in Block Energy plc
ISIN GB00BF3TBT48 | ||||
b) | Nature of the transactions | (1) Issue of options in lieu of cash payment for fees (2) Issue of shares for fees | ||||
c) | Price(s) and volumes(s) |
| ||||
d) | Aggregated information | n/a | ||||
e) | Date of the transactions | 1 June 2020 | ||||
f) | Place of the transactions | London | ||||
Related Shares:
Block Energy P.