8 Jan 2020 07:00
VALEURA ENERGY ANNOUNCES APPOINTMENTS OFNEW CFO AND NON-EXECUTIVE DIRECTOR
Calgary, January 8, 2020: 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, announces the appointment of Heather Campbell as Chief Financial Officer and Tim Chapman as an independent director.
Ms. Campbell has over 20 years of finance experience, with a focus on international exploration and production companies. Mr. Chapman has more than 30 years' experience in international capital markets.
Tim Marchant, Chairman of the Board commented:
"Heather Campbell is a natural fit as Valeura's CFO. Over the past couple of years we have come to depend on her professional demeanour and high-calibre guidance on financial matters and I am delighted to welcome her to the executive management team."
"I am also very pleased to welcome Tim Chapman to our board. Tim's deep experience with international capital markets in London and his history providing sound independent advice to companies across the oil and gas sector will be a significant addition to our team."
"I would like to offer our gratitude to outgoing CFO, Steve Bjornson, for his many years of dedication and commitment to Valeura. We wish Steve the best in the next chapter of his career."
Heather Campbell is a Chartered Professional Accountant with more than 20 years of finance, treasury, strategic planning, risk management, and tax experience in the oil and gas industry operating in many international jurisdictions. Ms. Campbell has been Controller of Valeura Energy since June 2017. Before joining Valeura, Ms. Campbell was Controller and then Treasurer of Gran Tierra Energy Inc. from 2005 to 2016. While at Gran Tierra, Ms. Campbell created and managed the accounting and treasury functions from the company's startup stage through to its development into a dual-listed E&P company operating in four countries in South America. Prior to Gran Tierra, Ms. Campbell held various finance positions in international and corporate divisions at Encana Corporation and Alberta Energy Company.
Tim Chapman is an international capital markets specialist residing in London with more than 30 years of experience spanning the globe. His career includes 25 years in investment banking roles with large financial institutions including JP Morgan Chase, CIBC World Markets, and finally RBC Capital Markets where he was head of international oil & gas. Mr. Chapman's career has focused on corporate strategy and valuation, regularly providing expert advice to many companies on seminal M&A transactions and capital raises. His experience within the oil and gas sector is diverse, including upstream, downstream and oilfield services companies. In 2015, Mr. Chapman founded Geopoint Advisory Limited which provides independent advice to energy companies. He is also a director of certain Petrogas North Sea subsidiaries. Mr. Chapman started his professional life as a geologist and graduated from Earth Sciences at Oxford University.
In connection with these appointments, the Company has issued 150,000 stock options to Ms. Campbell, and 100,000 stock options to Mr. Chapman. In accordance with the terms of the Company's stock option plan, these 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
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Heather Campbell | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Chief Finance Officer | ||||
b) | Initial notification/Amendment: | Initial Notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Valeura Energy Inc.
| ||||
b) | LEI: | 2549003ZBCOPPO06GY48 | ||||
4. | 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 | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Common shares of Valeura Energy Inc.
ISIN: CA9191444020 | ||||
b) | 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 $0.54 per share. | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: - Aggregated volume - Price |
150,000 C$0.00
| ||||
e) | Date of the transaction: | January 7, 2020 | ||||
f) | Place of the transaction: | Outside of trading venue | ||||
DEALING NOTIFICATION FORM FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Tim Chapman | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
b) | Initial notification/Amendment: | Initial Notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Valeura Energy Inc.
| ||||
b) | LEI: | 2549003ZBCOPPO06GY48 | ||||
4. | 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 | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Common shares of Valeura Energy Inc.
ISIN: CA9191444020 | ||||
b) | 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 $0.54 per share. | ||||
c) | Price(s) and volume(s): |
| ||||
d) | Aggregated information: - Aggregated volume - Price |
100,000 C$0.00
| ||||
e) | Date of the transaction: | January 7, 2020 | ||||
f) | Place of the transaction: | Outside of trading venue | ||||
For further information please contact:
Valeura Energy Inc. (General and Investor Enquiries) +1 403 237 7102Sean Guest, President and CEOHeather Campbell, CFORobin Martin, Investor Relations ManagerContact@valeuraenergy.com, IR@valeuraenergy.com
Canaccord Genuity Limited (Corporate Broker) +44 (0) 20 7523 8000Henry Fitzgerald-O'Connor, James Asensio
CAMARCO (Public Relations, Media Adviser) +44 (0) 20 3757 4980Owen Roberts, Billy Clegg, Monique Perks, Thayson PinedoValeura@camarco.co.uk
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 the most recently reported nine-month period, produced an average of 3.9 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.
Additional information relating to Valeura is also available on SEDAR at www.sedar.com and on the Company's corporate website at www.valeuraenergy.com.
Oil and Gas Advisories & Definitions
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated change of discovery and a change of development. The unrisked estimates of prospective resources referred to in this news release have not been risked for either the chance of discovery or the chance of development.
There is no certainty that any portion of the prospective resources will be discovered. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the prospective resources.
Please see the Company's annual information form for the year ended December 31, 2018, which is available under Valeura's issuer profile on SEDAR at www.sedar.com, for more information with respect to the Company's prospective resources, including details regarding risked estimates
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.