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Sch 1 - Block Energy Plc

Released 15:00 22-Nov-2017

RNS Number : 2678X
AIM
22 November 2017
 

 

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")


COMPANY NAME:

Block Energy plc ("Block Energy" or the "Company")

 

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

6th Floor, 60 Gracechurch Street, London, United Kingdom, EC3V 0HR

 

COUNTRY OF INCORPORATION:

England and Wales

 

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

www.blockenergy.co.uk

 

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY).  IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Block Energy is a UK based oil exploration and production company whose main country of operation is the Republic of Georgia. The Company has interests in two production sharing agreements ("PSAs") in Georgia in respect of proven oilfields at Norio and Satskhenisi that are producing oil. In addition, it awaits final approval from the State for a further PSA at a third site in West Rustavi.

 

The Company holds a 100% participating interest in the PSA for the producing Norio Onshore Oil Field. Production is presently approximately 20bopd from three wells drilled in the 1940s and 50s. Norio lies 22 miles north of Tbilisi. The Company also operates the neighbouring Satskhenisi PSA (Satskhenisi is 20 miles north of Tbilisi) in which it holds a 90% working interest. In addition, the Company expects to obtain an initial 5% working interest in the West Rustavi Block XI(f), based 6 miles south east of Tbilisi, with an option to increase this working interest to 75%.

 

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Number of ordinary shares of 0.25p each ("Ordinary Shares") to be admitted to trading: TBC

 

Issue Price : TBC

 

There are no restrictions as to the transferability of the Ordinary Shares.

 

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital to be raised on Admission: TBC

 

Anticipated market capitalisation at Admission: TBC

 

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

 

TBC

 

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:

 

Block Energy's shares are currently listed on the NEX Exchange Growth Market, though have been suspended since 25 September 2017 when Block Energy changed its status from a non-operating joint venture partner to an operator.

 

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Philip Anthony Dimmock, Non-Executive Chairman*

 

Paul Haywood, Managing Director

 

Niall Tomlinson, Executive Director

 

Serina Vera Emanuela Bierer, Financial Director*

 

Timothy Richard Beresford Parson, Non-Executive Director

 

Roger George McMechan, Technical Director*

 

*to be appointed on Admission

 

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

Prior to Admission:

 

Shareholder

 

Number of Ordinary Shares of £0.0025

Ordinary Shares as a % of share capital

Fitel Nominees Ltd (0078629)*

 12,000,000

12.25%

Fitel Nominees Ltd (DMOD)*

  7,176,470

7.33%

Iskander Energy Corp.

14,000,000

14.29%

Vidacos Nominees Limited**

  9,663,548

9.86%

Pershing Nominees Limited

  9,545,207

9.74%

JIM Nominees Limited

  5,845,996

5.97%

Nomura Custody Nominees Ltd

  5,100,000

5.21%

Beaufort Nominees Ltd

  4,741,179

4.84%

Mr Gavin Burnell

  4,075,934

4.16%

Hot Rocks Investments plc

  3,722,501

3.79%

Fiske Nominees Ltd

  3,588,235

3.66%

JIM Nominees Limited

  3,475,294

3.55%

Mr Jeremy Edelman

  3,000,000

3.06%

Mr Paul Haywood***

  2,749,454

2.81%

Mr Niall Tomlinson***

  2,829,454

2.89%

 

* The underlying shareholder of these shares is Pelamis Investments Limited

 

** 9,263,548 of these shares are owned by Georgia Oil & Gas Limited

 

Director Roger McMechan is a director of, and shareholder in, Iskander Energy Corp. Agreements are in place for 4,408,960 of the shares currently registered in Iskander's name to be transferred to Iskander's directors, of which 3,401,260 shares will be transferred to Roger McMechan;  such transfers are expected to occur after Admission

 

*** Included in each of Directors Paul Haywood and Niall Tomlinson's shareholdings above are 2,189,454 Ordinary Shares held by Plutus Strategies Limited, of which Messrs Haywood and Tomlinson are directors  and shareholders.

 

Post Admission:

 

Shareholder

 

Number of Ordinary Shares of £0.0025

Ordinary Shares as a % of enlarged share capital

Fitel Nominees Ltd (0078629)*

 12,000,000

TBC

Fitel Nominees Ltd (DMOD)*

  7,176,470

TBC

Iskander Energy Corp

 14,000,000

TBC

Vidacos Nominees Limited**

     TBC

TBC

Pershing Nominees Limited

  9,545,207

TBC

JIM Nominees Limited

  5,845,996

TBC

Mayan Energy Limited

  TBC

TBC

Mr Paul Haywood***

  2,749,454

TBC

Mr Niall Tomlinson***

  2,829,454

TBC

 

* The underlying shareholder of these shares is Pelamis Investments Limited

 

** [TBC] of these shares are owned by Georgia Oil & Gas Limited

 

Director Roger McMechan is a director of, and shareholder in, Iskander Energy Corp.

 

***Included in each of Directors  Paul Haywood and Niall Tomlinson's shareholdings above are 2,189,454 Ordinary Shares held by Plutus Strategies Limited, of which Messrs Haywood and Tomlinson are directors  and shareholders.

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

None

(i)         ANTICIPATED ACCOUNTING REFERENCE DATE

(ii)        DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii)       DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

Anticipated accounting reference date: 30 June

Date to which main financial information in the Admission Document has been prepared: 30 June 2017.

Dates by which it must publish its first three reports pursuant to AIM Rules 18 and 19: 31 March 2018 (Interims to 31 December 2017); 31 December 2018 (Annual Report to 30 June 2018), 31 March 2019 (Interims to 31 December 2018)

 

EXPECTED ADMISSION DATE:

7 December 2017

 

NAME AND ADDRESS OF NOMINATED ADVISER:

SPARK Advisory Partners Limited

5 St John's Lane

Farringdon

London

EC1M 4BH

 

NAME AND ADDRESS OF BROKER:

Beaufort Securities Limited

63 St Mary Axe

London

EC3A 8AA

 

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

A copy of the Admission Document containing full details about the applicant and the admission of its securities is available on the Company's website at: www.blockenergy.co.uk

 

DATE OF NOTIFICATION:

22 NOVEMBER 2017

 

NEW/ UPDATE:

New

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Sch 1 - Block Energy Plc - RNS