Director/PDMR Shareholding

RNS Number : 8338H

Block Energy PLC

08 April 2022

 

8 April 2022

Block Energy plc

("Block" or the "Company")

Director/PDMR Dealing

Block Energy plc, the development and production company focused on Georgia, announces that, today, it was advised by Dr Kenneth Seymour, a non-executive director of the Company that today, in a "Bed and ISA" transaction, he sold 553,795 ordinary shares of 0.25p each ("Ordinary Shares") at a price of 1.10 pence per share and purchased the same number of Ordinary Shares at a price of 1.24 pence per share.

Following these transactions, Dr Kenneth Seymour's resulting beneficial holding is unchanged at 1,135,888 Ordinary Shares, representing 0.17% of the Company's issued share capital of 657,174,343 Ordinary Shares.

**ENDS**

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.

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

Paul Haywood (Chief Executive Officer)	Block Energy plc	Tel: [phone]
Neil Baldwin (Nominated Adviser)	Spark Advisory Partners Limited	Tel: [phone]
Peter Krens (Corporate Broker)	Tennyson Securities	Tel: [phone]
Mark Antelme Philip Dennis (Financial PR Adviser)	Celicourt Communications	Tel: [phone]

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 is Georgia's most productive block, with 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)and 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 the 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.  Bcf: billion cubic feet.

3.  boe: barrels of oil equivalent.

4.  bopd: barrels of oil per day.

5.  Mbbls: thousand barrels.

6.  MMbbls: million barrels.

7.  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.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Kenneth Seymour
2	Reason for notification
a)	Position / status	Non-Executive Director
b)	Initial notification /Amendment	Initial notification
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	1) Sale of ordinary shares 2) Purchase of ordinary shares
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 1) 1.10p 2) 1.24p 1) 553,795 2) 553,795
d)	Aggregated information	n/a
e)	Date of the transactions	8 April 2022
f)	Place of the transactions	London Stock Exchange

 

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