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Block Energy PLC - Issue of Options and PDMR Dealing

RNS Number : 7368L
Block Energy PLC
04 May 2020
 

4 May 2020

Block Energy Plc

("Block Energy" or the "Company")

Issue of Options 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 May 2020 it issued to directors/PDMRs and employees nil-cost options over a total of 1,962,641 ordinary shares of 0.25p each ("Ordinary Shares") in lieu of payment of cash for 40% of salaries and directors' fees for April 2020. Of the total, 1,200,349 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 April 2020.

 

PDMR

Position

Number of Options granted

Resulting total options held over Ordinary Shares

Paul Haywood

Chief Executive Officer

407,886

12,564,314

Philip Dimmock

Non-Executive Chairman

93,231

93,231

Roger McMechan

Technical Director

349,616

6,720,568

William McAvock

Chief Financial Officer

291,347

3,416,347

Chris Brown

Non-Executive Director

58,269

58,269

 

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


Nature of the transaction

Issue of options in lieu of salary


Price(s) and volumes(s)

 

Price(s)

Volumes(s)

1.43014p

407,886

 

d)

Aggregated information

n/a

e)

Date of the transaction

1 May 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

Options to acquire ordinary shares in Block Energy plc

ISIN GB00BF3TBT48


Nature of the transaction

Issue of options in lieu of fees


Price(s) and volumes(s)

 

Price(s)

Volumes(s)

1.43014p

93,231

 

d)

Aggregated information

n/a

e)

Date of the transaction

1 May 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

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


Nature of the transaction

Issue of options in lieu of salary


Price(s) and volumes(s)

 

Price(s)

Volumes(s)

1.43014p

349,616

 

d)

Aggregated information

n/a

e)

Date of the transaction

1 May 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


Nature of the transaction

Issue of options in lieu of salary


Price(s) and volumes(s)

 

Price(s)

Volumes(s)

1.43014p

291,347

 

d)

Aggregated information

n/a

e)

Date of the transaction

1 May 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

Options to acquire ordinary shares in Block Energy plc

ISIN GB00BF3TBT48


Nature of the transaction

Issue of options in lieu of fees


Price(s) and volumes(s)

 

Price(s)

Volumes(s)

1.43014p

58,269

 

d)

Aggregated information

n/a

e)

Date of the transaction

1 May 2020

f)

Place of the transaction

London

 

 


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 [email protected] or visit www.rns.com.
 
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Market Cap: £9.8 m
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on 29/6/18