Block Energy Plc, the exploration and production company focused on the Republic of Georgia, has today granted a total of 6,325,000 options to acquire ordinary shares in the capital of the Company to new and existing employees. The options have an exercise price of 11p per share, an expiry date 10 years from the date of grant, and vest by one-third on each of the first, second and third anniversaries of the date of grant.
Block has also decided to grant 2,200,000 options to acquire ordinary shares in the capital of the Company with the same terms as those above to other new employees, but conditional on the successful completion of probation periods.
Details of those options granted to directors/PDMRs are provided in the table below.
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
For further information please visit http://www.blockenergy.co.uk/ or contact:
(Chief Executive Officer)
Block Energy Plc
Tel: +44 (0)20 3980 6250
Spark Advisory Partners Limited
Tel: +44 (0)20 3368 3554
Mirabaud Securities Limited
Tel: +44 (0)20 3167 7221
Billy Clegg / Owen Roberts / Violet Wilson
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 the Republic of Georgia, applying innovative, modern technology to realise the full potential of previously discovered fields. The Company is pursuing a fully-funded multi-well programme through 2019/20 designed to convert contingent resources to reserves, and reserves to revenue.
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 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 by Gustavson Associates: 1 January 2018).
Block also holds 100% and 90% working interests in the onshore oil producing Norio and Satskhenisi fields. The Company offers a clear entry point for investors to gain exposure to Georgia's under-developed opportunities and strong regional demand for oil and gas.
Details of the person discharging managerial responsibilities / person closely associated
Description of the financial instrument, type ofinstrument
Ordinary shares of 0.25p each in the capital of Block Energy plc
Nature of the transaction
Grant of Options to acquire shares
Price(s) and volumes(s)
3,125,000 shares at 11 pence per share vesting in equal tranches 1, 2 and 3 years from 21 October 2019
Date of the transaction
21 October 2019
Place of the transaction
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