BLOCK ENERGY PLC — Remuneration Information 2021

Feb 2, 2021

National Storage Mechanism | Additional information

RNS Number : 6301N

Block Energy PLC

02 February 2021

2 February 2021

Block Energy Plc

("Block Energy" or the "Company")

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.

Issue of Equity and PDMR Dealing

Block Energy Plc, the development and production company focused on Georgia, announces that, on 1 February 2021, it issued nil-cost options over a total of 1,206,215 ordinary shares of 0.25p each ("Options") to directors/PDMRs and employees. The Options were issued in lieu of payment of cash for 40% of salaries and up to 50% of directors' fees for the month of January 2021, in accordance with the cash conservation measures announced on 7 April 2020 and subsequent agreements with the two new non-executive directors in December 2020 and with new employees in January 2021 for 50% of salaries to be paid in nil-cost options in lieu of cash payment. The number of shares were 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 month of January 2021.

Also on 1 February 2021, the Company issued nil-cost options over a total of 10,066,668 ordinary shares of 0.25p each ("Bonus Options") to directors/PDMRs, employees and a consultant. The Bonus Options were issued in lieu of cash bonuses for the 18-month period ended 31 December 2020, in accordance with the Company's performance-related cash bonus scheme. The number of shares were calculated by dividing the amount of the bonus by the closing price of the ordinary shares on the trading day preceding the date of issue.

Of the total numbers of Options and Bonus Options issued, 488,840 Options and 7,166,667 Bonus Options were issued to directors/PDMRs, as shown in the table below.

PDMR	Position	Number of Options granted	Number of Bonus Options granted	Resulting total options held over ordinary shares
Paul Haywood	Chief Executive Officer	183,082	5,000,000	19,527,628
William McAvock	Chief Financial Officer	130,773	2,166,667	6,985,381
Philip Dimmock	Non-Executive Chairman	57,540		685,656
Chris Brown	Non-Executive Director	36,617		36,617
Charles Valceschini	Non-Executive Director	40,629		63,332
David Sandroshvili	Non-Executive Director	40,199		55,916

Additionally, on 1 February 2021, the Company allotted 839,996 ordinary shares of 0.25p each to six service providers in lieu of cash settlement for services provided to the Company with a total value of £29,251.

Application will be made for the admission to trading on AIM ("Admission") for the 839,996 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 February 2021.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 616,397,564 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 616,397,564 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.

Chairman of Block Energy's Remuneration Committee, Chris Brown, said:

"The Remuneration Committee scored management against key performance indicators that had been set at the beginning of the 18-month period ended 31 December 2020 and I am pleased to reward management for achieving well against these KPIs, particularly in the areas of strategic financing, business development and value adding initiatives. Furthermore, completing the transformational acquisition of Schlumberger Rustaveli Company Limited should be viewed in light of the challenges from COVID-19 and the low oil price for the second half of the 18-month period."

**ENDS**

For further information please visit http://www.blockenergy.co.uk/ or contact:

Paul Haywood (Chief Executive Officer)	Block Energy Plc	Tel: +44 (0)20 3468 9891
Neil Baldwin (Nominated Adviser)	Spark Advisory Partners Limited	Tel: +44 (0)20 3368 3554
Peter Krens (Corporate Broker)	Tennyson Securities	Tel: +44 (0)20 7186 9030
Billy Clegg / Owen Roberts / Violet Wilson (Financial PR)	Camarco	Tel: +44 (0)20 3757 4980

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 XIB. Licence block XIB is Georgia's most productive block, with 2P oil and gas reserves of 64 million boe 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.    MMCF/d: million cubic feet per day.

7.    BCF: billion cubic feet.

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

1) Issue of options in lieu of cash payment for salary

2) Issue of options in lieu of cash payment for bonus

c)

Price(s) and volumes(s)

Price(s)	Volumes(s)
1) 3.18618p 2) 3.0p	183,082 5,000,000

d)

Aggregated information

n/a

e)

Date of the transaction

1 February 2021

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.

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

b)

Nature of the transactions

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

Price(s)	Volumes(s)
3.18618p	57,540

d)

Aggregated information

n/a

e)

Date of the transactions

1 February 2021

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.

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

1) Issue of options in lieu of cash payment for salary

2) Issue of options in lieu of cash payment for bonus

c)

Price(s) and volumes(s)

Price(s)	Volumes(s)
1) 3.18618p 2) 3.0p	130,773 2,166,667

d)

Aggregated information

n/a

e)

Date of the transaction

1 February 2021

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.

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

b)

Nature of the transactions

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

Price(s)	Volumes(s)
3.18618p	36,617

d)

Aggregated information

n/a

e)

Date of the transactions

1 February 2021

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.

1

Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated

a)

Name

Charles Valceschini

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

b)

Nature of the transactions

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

Price(s)	Volumes(s)
3.18618p	40,629

d)

Aggregated information

n/a

e)

Date of the transactions

1 February 2021

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.

1

Details  of  the  person  discharging  managerial  responsibilities  /  person  closely associated

a)

Name

David Sandroshvili

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

b)

Nature of the transactions

Issue of options in lieu of cash payment for fees

c)

Price(s) and volumes(s)

Price(s)	Volumes(s)
3.18618p	40,199

d)

Aggregated information

n/a

e)

Date of the transactions

1 February 2021

f)

Place of the transactions

Outside a trading venue

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