13 June 2023
VAALCO Energy, Inc.
("VAALCO" or the "Company")
PDMR dealings
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) ("VAALCO" or the "Company") announces that, on 8 June 2023, restricted shares in the Company ("Restricted Shares") were issued to persons discharging managerial responsibility in the Company as listed below. For the awards to directors, the Restricted Shares will remain restricted until the earlier of (i) the first anniversary of the grant date or (ii) the first annual meeting of stockholders of the Company following the grant date. For non-directors, Restricted Shares will become unrestricted in equal proportions on the anniversary of the date of grant over the next three-year period, at a price per common stock of the Company ("Common Stock") of $4.19.
| Name | Role | Nature of transaction | Number of shares of Common Stock | Price per share ($) |
| George Maxwell | Chief Executive Officer and Director | Award of Restricted Shares | 98,449 | $4.19 |
| Ronald Bain | Chief Financial Officer | Award of Restricted Shares | 35,800 | $4.19 |
| Thor Pruckl | Chief Operating Officer | Award of Restricted Shares | 35,800 | $4.19 |
| Jason Doornik | Chief Accounting Officer and Controller | Award of Restricted Shares | 11,198 | $4.19 |
| Matthew Powers | Executive Vice President and General Counsel | Award of Restricted Shares | 20,883 | $4.19 |
| Andrew Fawthrop | Chairman of the Board | Award of Restricted Shares | 20,286 | $4.19 |
| Edward LaFehr | Director | Award of Restricted Shares | 20,286 | $4.19 |
| Fabrice Nze-Bekale | Director | Award of Restricted Shares | 20,286 | $4.19 |
| Cathy Stubbs | Director | Award of Restricted Shares | 20,286 | $4.19 |
VAALCO also announces that on 8 June 2023, performance options ("Performance Options") were granted to persons discharging managerial responsibility in the Company as listed below. These will convert into Common Stock and will vest over a three year period starting on the grant date, subject to the performance conditions attached to each allocation or award being met. The Performance Options were issued at the grant price indicated below.
| Name | Role | Nature of transaction | Number of shares of Common Stock | Price per share ($) |
| George Maxwell | Chief Executive Officer and Director | Award of Performance Options | 163,043 | $4.19 |
| Ronald Bain | Chief Financial Officer | Award of Performance Options | 59,289 | $4.19 |
| Thor Pruckl | Chief Operating Officer | Award of Performance Options | 59,289 | $4.19 |
| Jason Doornik | Chief Accounting Officer and Controller | Award of Performance Options | 18,545 | $4.19 |
| Matthew Powers | Executive Vice President and General Counsel | Award of Performance Options | 34,585 | $4.19 |
About VAALCO
VAALCO, founded in 1985 and incorporated under the laws of Delaware, is a Houston, USA based, independent energy company with production, development and exploration assets in Africa and Canada.
Following its business combination with TransGlobe in October 2022, VAALCO owns a diverse portfolio of operated production, development and exploration assets across Gabon, Egypt, Equatorial Guinea and Canada.
For Further Information
| VAALCO Energy, Inc. (General and Investor Enquiries) | +00 1 713 623 0801 |
| Website: | |
| | |
| Al Petrie Advisors (US Investor Relations) | +00 1 713 543 3422 |
| Al Petrie / Chris Delange | |
| | |
| Buchanan (UK Financial PR) | +44 (0) 20 7466 5000 |
| Ben Romney / Jon Krinks |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | George Maxwell |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Executive Officer and Director |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 98,449 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Ronald Bain |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Financial Officer |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 35,800 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Thor Pruckl |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Operating Officer |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 35,800 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Jason Doornik |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Accounting Officer and Controller |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 11,198 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Matthew Powers |
| 2. | Reason for the notification | |
| a) | Position / status | Executive Vice President and General Counsel |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 20,883 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Andrew Fawthrop |
| 2. | Reason for the notification | |
| a) | Position / status | Chairman of the Board |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 20,286 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Edward LaFehr |
| 2. | Reason for the notification | |
| a) | Position / status | Director |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 20,286 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Fabrice Nze-Bekale |
| 2. | Reason for the notification | |
| a) | Position / status | Director |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 20,286 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Cathy Stubbs |
| 2. | Reason for the notification | |
| a) | Position / status | Director |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Restricted Shares |
| c) | Price(s) and volume(s) | Volume: 20,286 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | George Maxwell |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Executive Officer and Director |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Performance Options |
| c) | Price(s) and volume(s) | Volume: 163,043 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Ronald Bain |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Financial Officer |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Performance Options |
| c) | Price(s) and volume(s) | Volume: 59,289 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Thor Pruckl |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Operating Offcier |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Performance Options |
| c) | Price(s) and volume(s) | Volume: 59,289 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Jason Doornik |
| 2. | Reason for the notification | |
| a) | Position / status | Chief Accounting Officer and Controller |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Performance Options |
| c) | Price(s) and volume(s) | Volume: 18,545 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
| 1. | Details of the Person discharging managerial responsibilities / person closely associated | |
| a) | Name | Matthew Powers |
| 2. | Reason for the notification | |
| a) | Position / status | Executive Vice President and General Counsel |
| b) | Initial notification / amendment | Initial notification |
| 3. | Details of the issuer, UK emission allowance market participant, auction platform or auctioneer | |
| a) | Name | VAALCO Energy, Inc. |
| b) | LEI | 549300CFHFVIWB8M6T24 |
| 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 Stock, par value $0.10 per share
US91851C2017 |
| b) | Nature of the transaction | Award of Performance Options |
| c) | Price(s) and volume(s) | Volume: 34,585 Price: US$4.19 |
| d) | Aggregated information - Aggregated volume - Aggregated price | N/A |
| e) | Date of the transaction | 8 June 2023 |
| f) | Place of the transaction | Outside a trading venue |
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