TIDMBLOE
RNS Number : 5392V
Block Energy PLC
06 April 2023
6 April 2023
Block Energy plc
("Block" or the "Company")
Corporate Update
Termination of Salary Sacrifice
Issue of Options and Shares and PDMR Dealing
Termination of the Salary Sacrifice Scheme
Block Energy plc, the development and production company focused
on Georgia, is pleased to announce that it is terminating the
Salary Sacrifice scheme as of 1(st) April 2023. The decision is
based on the Company's improved financial position. Well WR-B01Za
continues to produce naturally at an average rate of 274 boepd (247
bopd oil & 4,700 m(3) /d gas) without the need for artificial
lift. The well result, combined with our continuing improved
understanding of the reservoir gained by the calibration of our
detailed geophysical studies, provides great confidence that
further horizontal wells into the West Rustavi/Krtsanisi Middle
Eocene reservoir will be successful and Project 1 achieved.
The Salary Sacrifice scheme was originally put in place in April
2020, following a collapse of the Brent price and operational
issues due to the global Covid-19 pandemic, to preserve capital and
ensure that completion and integration of the Schlumberger
transaction was achieved.
Commenting, Paul Haywood, Block Energy CEO said:
"I'd like to extend a sincere thank you to all the employees and
directors who participated in our salary sacrifice scheme. The
scheme was put in place during the global pandemic to preserve
capital and has since helped the Company in developing its strategy
and undertaking capital investment in the assets. Given the latest
positive well results, which support our cash position, we have
decided to terminate the salary sacrifice scheme.
"Once again, a heartfelt thank you to all who participated in
this important initiative."
Final Issue under the Salary Sacrifice Scheme
On 5 April 2023, the Company issued nil-cost options over a
total of 3,702,501 ordinary shares of 0.25p each ("Options") to
directors and employees. The Options were granted in lieu of cash
payment for 40% of salaries and up to 50% of directors' fees, in
accordance with the cash conservation measures announced on 7 April
2020 and subsequent agreements with the employees and non-executive
directors for fees to be paid in nil-cost options in lieu of cash
payment. The number of shares was calculated by dividing the amount
of monthly salary or fee to be paid in Options by the volume
weighted average price of the ordinary shares during the calendar
month that the services were provided.
Also, pursuant to agreements to exercise options immediately
upon grant, on 5 April 2023:
1. Philip Dimmock, Non-Executive Chairman, exercised nil cost
options to acquire 724,602 ordinary shares of 0.25 pence each;
and
2. Jeremy Asher, Non-Executive Director, exercised nil cost
options to acquire 675,423 ordinary shares of 0.25 pence each.
Of the total number of Options granted, 2,097,933 Options were
granted to PDMRs, as shown in the table below.
PDMR Position Number Number Resulting Resulting Resulting
of Options of Options total options total ordinary total
granted exercised held over shares ordinary
ordinary following shares
shares exercise following
exercise
Chief Executive
Paul Haywood Officer 697,908 0 61,947,783 12,544,381 1.82%
----------------- ------------ ------------ --------------- ---------------- -----------
Philip Non-Executive
Dimmock Chairman 724,602 724,602 928,612 3,982,674 0.58%
----------------- ------------ ------------ --------------- ---------------- -----------
Jeremy Non-Executive
Asher Director 675,423 675,423 0 2,347,830 0.34%
----------------- ------------ ------------ --------------- ---------------- -----------
Additionally, on 5 April 2023, the Company allotted 476,388
ordinary shares of 0.25p each to two service providers in lieu of
cash settlement for services provided to the Company with a total
value of GBP4,782.93. Of such, 298,805 ordinary shares of 0.25p to
a value of GBP3,000 were allotted to a company controlled by Ken
Seymour (Block's Chief Operating Officer and a PDMR) as payment for
services in March 2023.
The Company also allotted 5,613,122 shares of 0.25p each to
current and former employees following the exercise of nil cost
options that had been granted in lieu of cash payment for bonuses
and part of salaries. These shares were settled from shares already
issued to the Company's Employee Benefit Trust.
Application will be made for the admission to trading on AIM
("Admission") for the 1,876,413 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 13 April 2023.
Total Voting Rights
Following Admission, the Company's issued share capital will
comprise 689,551,104 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 689,551,104 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**
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 AMED. 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 Communications Tel: +44 (0)20
Philip Dennis 8434 2643
Ali AlQahtani
(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) has 2P reserves of 64
MMboe, comprising 2P oil reserves of 36 MMbbls and 2P gas reserves
of 28 MMboe (Source: CPR Bayphase Limited: 1 July 2015).
Additionally, following an internal technical study designed to
evaluate and quantify the undrained oil potential of the Middle
Eocene within the Patardzeuli field, the Company has estimated
gross unrisked 2C contingent resources of 200 MMbbls of oil.
Licence block XI(B) is Georgia's most productive block, with
historical 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 licence block XI(F) ,
which contains the West Rustavi onshore oil and gas field. Multiple
wells have tested oil and gas from a range of geological horizons.
The field has produced over 75 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
-- bbls: barrels. A barrel is 35 imperial gallons.
-- Bcf: billion cubic feet.
-- boe: barrels of oil equivalent.
-- bopd: barrels of oil per day.
-- Mbbls: thousand barrels.
-- MMbbls: million barrels.
-- MMboe: million barrels of oil equivalent.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities ("PDMRs") and persons
closely associated ("PCA") with them.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Paul Haywood
-------------------------------- -----------------------------------
Reason for notification
2
---------------------------------------------------------------------
a) Position / status CEO
-------------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name Block Energy plc
-------------------------------- -----------------------------------
b) LEI 213800E2J8QA1J6KN415
-------------------------------- -----------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Grant of share options
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
0p 697,908
-----------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transaction 5 April 2023
-------------------------------- -----------------------------------
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.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities ("PDMRs") and persons
closely associated ("PCA") with them.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Philip Dimmock
-------------------------------- -----------------------------------
Reason for notification
2
---------------------------------------------------------------------
a) Position / status Non-Executive Chairman
-------------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name Block Energy plc
-------------------------------- -----------------------------------
b) LEI 213800E2J8QA1J6KN415
-------------------------------- -----------------------------------
Details of the transaction(s): section to be repeated for
4 (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 1) Grant of share options
2) Exercise of share options
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
1) 0p 1) 724,602
2) 0p 2) 724,602
------------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transactions 5 April 2023
-------------------------------- -----------------------------------
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.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Jeremy Asher
-------------------------------- -----------------------------------
Reason for notification
2
---------------------------------------------------------------------
a) Position / status Non-Executive Director
-------------------------------- -----------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- -----------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name Block Energy plc
-------------------------------- -----------------------------------
b) LEI 213800E2J8QA1J6KN415
-------------------------------- -----------------------------------
Details of the transaction(s): section to be repeated for
4 (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 1) Grant of share options
2) Exercise of share options
-------------------------------- -----------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
1) 0p 1) 675,423
2) 0p 2) 675,423
------------
-------------------------------- -----------------------------------
d) Aggregated information n/a
-------------------------------- -----------------------------------
e) Date of the transactions 5 April 2023
-------------------------------- -----------------------------------
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.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Kenneth Seymour
-------------------------------- ------------------------------------
Reason for notification
2
----------------------------------------------------------------------
a) Position / status Chief Operating Officer
-------------------------------- ------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------- ------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Block Energy plc
-------------------------------- ------------------------------------
b) LEI 213800E2J8QA1J6KN415
-------------------------------- ------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 Ordinary shares in Block Energy
instrument, type of instrument plc
Identification code ISIN GB00BF3TBT48
-------------------------------- ------------------------------------
b) Nature of the transactions Issue of shares in lieu of services
provided
-------------------------------- ------------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
1.004p 298,805
-----------
-------------------------------- ------------------------------------
d) Aggregated information n/a
-------------------------------- ------------------------------------
e) Date of the transactions 5 April 2023
-------------------------------- ------------------------------------
f) Place of the transactions Outside a trading venue
-------------------------------- ------------------------------------
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END
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