Calgary, November 27, 2020: Valeura Energy Inc. (TSX:VLE, LSE:VLU) (“Valeura” or the “Company”), an upstream oil and gas company with assets in the Thrace Basin of Turkey, announces that effective November 25, 2020 it has terminated an aggregate of 1,957,500 incentive stock options, which were issued to a number of employees, officers, directors, and consultants, including an individual engaged in investor relations activities on behalf of the Company (collectively, the “Optionees”).
By a series of option termination agreements, the Company and the Optionees have agreed to terminate those options granted between March 2018 and September 2019, which carry exercise prices between C$2.54 and C$4.62 per share. Optionees will receive nominal consideration of one cent (C$0.01) per terminated option. No options are being granted by the Company in conjunction with these terminations.
Among the Optionees were certain persons discharging managerial responsibilities (“PDMR”), as detailed below.
| PDMR | Position | Volume terminated |
| Sean Guest | Executive Director, President and Chief Executive Officer | 575,000 |
| Gordon Begg | Vice President, Commercial | 300,000 |
| Rob Sadownyk | Vice President, Exploration | 210,000 |
| Russell Hiscock | Non-Executive Director | 152,500 |
| Heather Campbell | Chief Financial Officer | 135,000 |
| Kimberley Wood | Non-Executive Director | 100,000 |
| Tim Marchant | Non-Executive Chairman | 87,500 |
| Jim McFarland | Non-Executive Director | 87,500 |
| Ron Royal | Non-Executive Director | 87,500 |
For further information please contact:
Valeura Energy Inc. (General and Investor Enquiries) +1 403 237 7102
Sean Guest, President and CEO
Heather Campbell, CFO
Robin Martin, Investor Relations Manager
Contact@valeuraenergy.com, IR@valeuraenergy.com
Canaccord Genuity Limited (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, Hugo Liddy
Valeura@camarco.co.uk
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company’s obligations under Article 17 of that Regulation.
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.
