Calgary, October 4, 2019: Valeura Energy Inc. (TSX:VLE, LSE:VLU) (“Valeura” or the “Company”), the upstream natural gas producer focused on appraising and developing an unconventional gas accumulation play in the Thrace Basin of Turkey in partnership with Equinor, announces that Lyle Martinson will be retiring from the Company due to unforeseen personal reasons, and Peter Sider will assume the role of Chief Operating Officer (“COO”).
Peter Sider is a professional engineer with more than 35 years experience in international operations and executive leadership roles. Most recently, Mr. Sider was Country Manager for Valeura, based in Ankara, Turkey, and as such, brings first-hand operations and in-country experience to the role of COO. Before joining Valeura, Mr. Sider held several senior international operations roles, including VP of Operations, Engineering and Business Development for Petromanas Energy based in Albania, where he oversaw exploratory drilling and completions into fractured carbonates at depths greater than 5,000 metres. Prior to that, he was VP of Operations for Vermilion Energy based in France, with responsibility for operations and production in Europe.
Mr. Martinson will work with Mr. Sider to ensure a smooth transition of the COO role.
Sean Guest, President and CEO commented:
“Lyle has been with the Company since its founding and we are deeply thankful for his dedicated work in building up Valeura’s conventional gas production and the exciting deep exploration and appraisal programme. Lyle’s commitment to safety and efficiency is beyond reproach. We wish him well in his retirement.
Peter’s direct experience with Valeura’s operations in Turkey provides seamless continuity for the business, making him the ideal candidate to take on the role of COO. We have already benefitted from his hands-on approach and depth of knowledge garnered from 35 years in international production and operations. Please join me in welcoming Peter to the executive team.”
In connection with this appointment, the Company has issued 200,000 stock options to Mr. Sider. In accordance with the terms of the Company’s stock option plan, Mr. Sider’s stock options are exercisable for a period of seven years and will vest over a period of three years.
DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
Details of the person discharging managerial responsibilities/person closely associated
Reason for the notification
Chief Operating Officer
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Valeura Energy Inc.
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
Description of the financial instrument, type of instrument:
Common shares of Valeura Energy Inc.
Nature of the transaction:
Grant of option to purchase common shares under Valeura’s Stock Option Plan for a period of seven years from the date of grant, with an option price of $2.38 per share.
Price(s) and volume(s):
– Aggregated volume
Date of the transaction:
October 2, 2019
Place of the transaction:
Outside of trading venue
For further information please contact:
Valeura Energy Inc. (General and Investor Enquiries) +1 403 237 7102
Sean Guest, President and CEO
Steve Bjornson, CFO
Robin Martin, Investor Relations Manager
GMP First Energy (Financial Adviser and Joint Corporate Broker) +44 (0) 20 7448 0200
Jonathan Wright, Hugh Sanderson
Canaccord Genuity Limited (Joint Corporate Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O’Connor, James Asensio
CAMARCO (Public Relations, Media Adviser) +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg, Monique Perks, Thayson Pinedo
About Valeura Energy
Valeura Energy Inc. is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey.
Since Valeura was established in 2010, the Company has executed a number of transactions and currently holds interests in 20 production leases and exploration licences in the Thrace Basin of Turkey totalling 0.46 MM acres (gross) or on a net basis 0.37 MM acres of shallow rights and 0.26 MM net acres of deep rights.
Valeura is appraising an unconventional basin-centered gas accumulation (“BCGA”) play in the Thrace Basin on its deep rights, which has been evaluated by DeGolyer and MacNaughton, an independent reserves auditor, to hold, effective December 31, 2018, 10.1 Tcfe of estimated working interest unrisked mean prospective resources of natural gas, which includes 236 MMbbl of condensate. By applying 3D seismic, modern reservoir stimulation technology and horizontal and deeper vertical well drilling, Valeura is aiming to achieve commercial scale operations from this tight gas resource.
In addition, the Company owns an extensive network of gas gathering and sales infrastructure to support direct marketing of natural gas to end users, and in Q2 2019, produced an average of 4.2 MMcf/d of natural gas from conventional gas accumulations in its shallower rights.
The Company is listed on both the Toronto Stock Exchange under VLE and on the Main Market of the London Stock Exchange under VLU.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This announcement is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.