Energy
Friday, January 5th, 2024 6:11 pm EDT
Key Points
- Share Issuance Under Performance Share Unit Plan: PetroTal Corp. has issued a total of 6,959,115 common shares to employees as part of its annually vested Performance Share Unit (PSU) plan. This issuance is in accordance with the company’s performance and restricted share unit plan approved by the TSX Venture Exchange.
- Distribution Among Directors and Officers: The issued common shares have been distributed among key individuals in PetroTal, including its President and Chief Executive Officer, Manolo Zuniga, who received 3,481,306 shares; Executive Vice President and Chief Financial Officer, Douglas Urch, who received 922,683 shares; and Vice President Exploration and Development, Dewi Jones, who received 724,786 shares. The net amounts received by these individuals are after accounting for withholding taxes.
- Listing on AIM and Post-Issuance Share Structure: PetroTal intends to apply for the admission of the 6,959,115 common shares to trading on AIM (Alternative Investment Market) around January 10, 2024. Following the admission, PetroTal’s total issued common shares will be 919,273,461, with none held in treasury. This information will be used by shareholders to determine disclosure requirements under the FCA’s Disclosure Guidance and Transparency Rules. The company provides additional details about its PSU plan in the management information circular dated May 3, 2023, available on SEDAR.
Petrotal Corp. has issued common shares to employees pursuant to annually vested performance share unit plan (PSU).
PSU Issue
PetroTal has issued an aggregate of 6,959,115 Common Shares to employees pursuant to the annual obligation to issue vested performance share units under the Company’s performance and restricted share unit plan, as approved by the TSX Venture Exchange on December 12, 2019.
Shares issued to directors or officers of the Company are as follows:
Manolo Zuniga – President and Chief Executive Officer – 3,481,306 shares (net of withholding taxes)
Douglas Urch – Executive Vice President and Chief Financial Officer – 922,683 shares (net of withholding taxes)
Dewi Jones – Vice President Exploration and Development – 724,786 shares (net of withholding taxes)
Further details regarding the Company’s PSU plan are set out in the management information circular of the Company dated May 3, 2023, which is available on SEDAR at www.sedar.com.
Application will be made for a total admission of 6,959,115 Common Shares to trading on AIM (“Admission”), which will rank pari passu with existing Common Shares, expected to occur on or around January 10, 2024.
Following Admission, PetroTal will have 919,273,461 common shares issued and there are no shares held in treasury. This figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
PDMR Notification Form:1. Details of the person discharging managerial responsibilities / person closely associated a) Name Manuel Pablo Zuniga-PfluckerDouglas UrchDewi Jones 2. Reason for the Notification a) Position/status President & Chief Executive OfficerExecutive Vice President & Chief Financial OfficerVice President Exploration & Development b) Initial notification/amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name PetroTal Corp. b) LEI 21380047ER33PRH4XH56 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 PetroTal Corp. Common Shares Identification code CA71677J1012 b) Nature of the Transaction Issue of Common Shares under the Company’s performance and restricted share unit plan c) Price(s) and volume(s) Price(s) Volume(s) n/a 3,481,306 n/a 922,683 n/a 724,786 d) Aggregated informationAggregated volume Price n/a e) Date of the transaction 5 January 2024 f) Place of the transaction n/a
ABOUT PETROTAL
PetroTal is a publicly traded, tri-quoted (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) oil and gas development and production Company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru. PetroTal’s flagship asset is its 100% working interest in Bretana oil field in Peru’s Block 95 where oil production was initiated in June 2018. In early 2022, PetroTal became the largest crude oil producer in Peru. The Company’s management team has significant experience in developing and exploring for oil in Peru and is led by a Board of Directors that is focused on safely and cost effectively developing the Bretana oil field. It is actively building new initiatives to champion community sensitive energy production, benefiting all stakeholders.
We seek Safe Harbor.
