Block Energy plc’s chief financial officer William McAvock had agreed to resign as part of the company’s drive to improve efficiencies.
REDUNDANT
The company has also made the position of CFO redundant as part of its “continuing efforts to improve efficiency across its oil and gas business in Georgia”.
“During his service of over three years, William was instrumental in the acquisition and integration of licences IX and XIB into Block’s portfolio and in improving efficiencies across the company,” said Block in a statement.
Mr McAvock’s resignation will be effective from 30 September 2022 following publication of the company’s interim results for the six months ended 30 June 2022.
RESPONSIBILITIES
His responsibilities will transfer to CEO Paul Haywood, the finance and commercial teams and existing external advisors.
They will be overseen by the company’s “financially experienced” non-executive directors.
“On behalf of the board, I would like to thank William for his strong contribution to positioning the company for further growth and value creation,” added chairman Philip Dimmock.
“The board and I wish him well in his future endeavours.”
OPTIONS
Block said that its remuneration committee had extended the expiry date of Mr McAvock’s long-term incentive plan options (LTIP options).
| Date of Issue | Revised expiry date | Number of LTIP Options granted | Number of LTIP Options exercisable | Number of LTIP Options that will lapse on 13 December 2022 | Exercise Price |
| 01-Mar-21 | 30-Sep-23 | 4,500,000 | 4,166,667 | 333,333 | £0.04 |
| 08-Apr-22 | 30-Sep-23 | 4,500,000 | 3,062,500 | 1,437,500 | £0.01325 |
He also holds 7,097,899 exercisable nil cost options granted under the company’s salary sacrifice scheme.
The expiry date of these options will also be revised to 30 September 2023.