Block Energy Announces Issue of Options and Shares and PDMR Dealing

Source: www.gulfoilandgas.com 2/8/2023, Location: Asia

Block Energy plc, the development and production company focused on Georgia, announces that it has issued nil-cost options and shares.

On 3 February 2023, the Company issued nil-cost options over a total of 1,471,773 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.

Additionally, the Company issued nil-cost options over a total of 12,947,264 ordinary shares of 0.25p each ("Bonus Options") to an executive director and another PDMR in lieu of cash bonuses for the year ended 31 December 2022, in accordance with the Company's performance-related cash bonus scheme. Paul Haywood, the Company's CEO, offered to take 100 per cent of his bonus award in the form of nil-cost options, and Fergus Robson, the Company's Commercial Manager, offered to take 100 per cent of his bonus award in the form of nil-cost options, in both cases in order to conserve the Company's cash for the development of Project I, and the non-executive directors agreed to this proposal for the same reason. Based on the January VWAP (which was used to calculate the number of options granted), the Bonus Options were worth £141,144 and £12,000 respectively. An additional 2,072,968 nil-cost options were issued to staff in lieu of cash bonuses for the year ended 31 December 2022.

Also, pursuant to agreements to exercise options immediately upon grant, on 3 February 2023:
1. Philip Dimmock, Non-Executive Chairman, exercised nil cost options to acquire 152,017 ordinary shares of 0.25 pence each;
2. Jeremy Asher, Non-Executive Director, exercised nil cost options to acquire 103,648 ordinary shares of 0.25 pence each; and
3. Kenneth Seymour, former Non-Executive Director and current Chief Operating Officer, exercised nil cost options to acquire 40,891 ordinary shares of 0.25 pence each.

Of the total number of Options and Bonus Options granted, 13,797,164 Options and Bonus Options were granted to PDMRs, as shown in the table below.

Additionally, on 6 February 2023, the Company allotted 152,395 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 £1,838. Additionally, today, the Company allotted 5,173,662 ordinary shares of 0.25p each to a former employee of the Company following the exercise on 29 December 2022 of nil cost options that had been granted in lieu of cash payment for salary and bonuses during the employee's period of service.

Application will be made for the admission to trading on AIM ("Admission") for the 5,622,613 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 14 February 2023.

Total Voting Rights
Following Admission, the Company's issued share capital will comprise 686,749,694 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 686,749,694 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.


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