Valeura Energy Inc. TERMINATION OF CERTAIN STOCK OPTIONS (6953G)

TIDMVLU

RNS Number : 6953G

Valeura Energy Inc.

27 November 2020

VALEURA ANNOUNCES TERMINATION OF CERTAIN STOCK OPTIONS

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 
                     Executive Director, President and 
 Sean Guest           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)                    [phone] 

Sean Guest, President and CEO

Heather Campbell, CFO

Robin Martin, Investor Relations Manager

[e-mail] , [e-mail]

   Canaccord Genuity Limited (Corporate Broker)                             [phone] 

Henry Fitzgerald-O'Connor, James Asensio

   CAMARCO (Public Relations, Media Adviser)                                [phone] 

Owen Roberts, Billy Clegg, Monique Perks, Hugo Liddy

[e-mail]

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.

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November 27, 2020 02:00 ET (07:00 GMT)