13 January 2021
PDMR Share Dealing
VAALCO Energy, Inc. ("VAALCO" or "Company") announces the exercise of Stock Appreciation Rights ("SARs") on 5 January 2021 by Cary Bounds, a person discharging managerial responsibility in the Company, in the number set out below, which was satisfied for the amount of cash set out below (such amount being net of the grant price and taxes).
| Name | Role | Nature of transaction | Number of SARs | Aggregate net cash to satisfy exercise of SARs |
| Cary Bounds | CEO | Exercise of SARs | 179,580 | $110,743.99 |
Option awards in the Company were vested and exercised by Cary Bounds on 5 January 2021 and Elizabeth Prochnow respectively on 6 January 2021, option, both persons discharging managerial responsibility in the Company as listed below.
| Name | Role | Nature of transaction | Number of shares (option awards) | Exercise price per share ($) (option awards) |
| Cary Bounds | CEO | Exercise of option awards | 59,860 | 1.91 |
| Elizabeth Prochnow | CFO | Exercise of option awards | 54,945 | 1.92 |
This vesting triggered immediate tax liabilities that were satisfied by the disposal of the number of Common Shares listed below.
| Name | Role | Nature of transaction | Number of Common Shares | Disposal Price per share ($) |
| Cary Bounds | CEO and COO | Disposal of Common Shares | 39,027 | 1.91 |
| Elizabeth Prochnow | CFO | Disposal of Common Shares | 37,229 | 1.92 |
About VAALCO
VAALCO, founded in 1985, is a Houston, USA based, independent energy company with production, development and exploration assets in the West African region.
The Company is an established operator within the region, holding a 33.6% participating interest in the Etame Marin Block, located offshore Gabon, which to date has produced over 118 million barrels of crude oil and of which the Company is the operator.
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) 207 466 5000 |
| Ben Romney / Kelsey Traynor / James Husband |
|
Notification of dealings in shares by PDMR's of the Company:
| 1. | Details of PDMR / PDMR Associate | |
| (a) | Name | Cary Bounds |
| (b) | Position / status | Chief Executive Officer |
| (c) | Initial notification / amendment | Initial Notification |
| 2. | 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 | Stock Appreciation Rights ("SARs") and Employee Stock Option (right to buy) ("Options") |
| (b) | Nature of the transaction | Exercise of SARs and Options |
| (c) | Price(s) and volume(s) | Exercise of SAR Gross: Price: US $1.91 Volume: 179,580 Total: US $342,997.80
Exercise of SAR net of grant price and taxes: Price: US $0.616 Volume: 179,580 Total: US $110,743.99
Exercise of Options Gross: Price: US $1.91 Volume: 59,860 Total: US $114,332.60
|
| (d) | Aggregated information Aggregated volume Price | Volume: 239,440 Price: $1.91
|
| (e) | Date of the transaction | January 5, 2021 |
| (f) | Place of the transaction | USA |
| 1. | Details of PDMR / PDMR Associate | |
| (a) | Name | Cary Bounds |
| (b) | Position / status | Chief Executive Officer & Chief Operating Officer |
| (c) | Initial notification / amendment | Initial Notification |
| 2. | 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 | Disposal of common shares to satisfy tax withholding obligations upon exercise of stock options |
| (b) | Nature of the transaction | Disposal of common shares |
| (c) | Price(s) and volume(s) | Price: US $1.91 Volume: 39,027 Total: US $74,541.55
|
| (d) | Aggregated information Aggregated volume Price |
Volume: 39,027 Price: US $1.91
|
| (e) | Date of the transaction | January 5, 2021 |
| (f) | Place of the transaction | USA |
| 1. | Details of PDMR / PDMR Associate | |
| (a) | Name | Elizabeth Prochnow |
| (b) | Position / status | Chief Financial Officer |
| (c) | Initial notification / amendment | Initial Notification |
| 2. | 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 | Employee Stock Option (right to buy) ("Options") |
| (b) | Nature of the transaction | Exercise of Options |
| (c) | Price(s) and volume(s) | Gross: Price: US $1.92 Volume: 54,945 Total: US $105,494.40 |
| (d) | Aggregated information Aggregated volume Price | N/A Single Transaction
|
| (e) | Date of the transaction | January 6, 2021 |
| (f) | Place of the transaction | USA |
| 1. | Details of PDMR / PDMR Associate | |
| (a) | Name | Elizabeth Prochnow |
| (b) | Position / status | Chief Financial Officer |
| (c) | Initial notification / amendment | Initial Notification |
| 2. | 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 | Disposal of common shares to satisfy tax withholding obligations upon exercise of stock options |
| (b) | Nature of the transaction | Disposal of common shares |
| (c) | Price(s) and volume(s) | Price: US $1.92 Volume: 37,229 Total: US $71,479.05
|
| (d) | Aggregated information Aggregated volume Price | Price: US $1.92 Volume: 37,229
|
| (e) | Date of the transaction | January 6, 2021 |
| (f) | Place of the transaction | USA |
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