Block Energy plc has issued nil-cost options over a total of 2,866,022 ordinary shares of 0.25p each to directors/PDMRs*, employees and consultants as part of cash conservation measures.
CASH CONSERVATION
The options issued on 3 December were issued in lieu of cash payment for 40% of salaries and consultants’ fees and up to 50% of directors’ fees for the month of November 2021.
This is in accordance with cash conservation measures announced in April 2020 and subsequent agreements with the consultants and non-executive directors for fees to be paid in nil-cost options in lieu of cash payment.
| PDMR | Position | Number of options granted | Resulting total options held over ordinary shares |
| Paul Haywood | Chief Executive Officer | 517,663 | 16,320,890 |
| William McAvock | Chief Financial Officer | 369,759 | 10,130,079 |
| Philip Dimmock | Non-Executive Chairman | 147,903 | 732,700 |
| Charles Valceschini | Non-Executive Director | 100,843 | 600,864 |
| Jeremy Asher | Non-Executive Director | 100,843 | 247,296 |
| Kenneth Seymour | Non-Executive Director | 100,843 | 208,646 |
On 5 December, the company also allotted 522,489 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 £8,033.
Block Energy is an independent oil and gas company focused on production and development in Georgia.
*People discharging managerial responsibilities