Block Energy Announces Exercise of Options

Source: www.gulfoilandgas.com 7/13/2021, Location: Asia

Block Energy plc, the development and production company focused on Georgia, announces that an employee exercised nil-cost options ("Options") to acquire 331,468 ordinary shares of 0.25 pence each.

The Options had been granted as a result of the Company's salary and fees sacrifice scheme that was announced on 7 April 2020, whereby the employee agreed to receive 40 per cent of his salary in nil-cost options in lieu of cash.

331,468 of the shares held in the Block Energy plc Employee Benefit Trust ("EBT") will be used to satisfy the exercise. Following the exercise of the Options, the remaining number of shares held by the EBT will be 23,937,010, representing 3.82 per cent of the current total issued share capital.


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