Long Term Incentive Plan Awards

Serica Energy PLC
18 May 2023
 

18 May 2023

Serica Energy plc

("Serica" or "the Company")

Long Term Incentive Plan Awards

London, 18 May 2023 - Serica Energy plc (AIM: SQZ) announces that the Company has granted nil-cost options over a total of 1,075,668 ordinary shares of US$0.10 each (representing approximately 0.2% of the Company's issued share capital) in accordance with the rules of the Serica Energy plc 2017 Long Term Incentive Plan ("LTIP"). The award has been made to members of the Group's executive team and senior management.

These awards include a total of 472,777 ordinary shares of US$0.10 each for the executive directors as set out in the table below and are subject to vesting criteria that are designed to incentivise performance that delivers value for all shareholders.

The vesting criteria are based on absolute share price performance over a three-year period and specific performance targets related to carbon emissions from operations over the same period. For the awards to vest in full, the highest average share price must be at least equal to 500p during the 180 day period terminating on the end of the performance period together with a significant decrease in carbon emissions per barrel of oil equivalent produced.

Director / PDMR

Position

Number of shares awarded

Mitch Flegg

Chief Executive Officer

319,444

Andy Bell

Chief Financial Officer

153,333

 

 

The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mitch Flegg

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Serica Energy plc

b)

LEI

213800EZZOKA815VC426

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

Ordinary shares of US$0.10 per share par value


Identification code

GB00B0CY5V57

b)

Nature of the transaction

Award of options under the LTIP

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

N/A

319,444

d)

Aggregated information

N/A (single transaction)


Aggregated volume



Price


e)

Date of the transaction

18 May 2023

f)

Place of the transaction

Outside a trading venue

 

Details of the person discharging managerial responsibilities / person closely associated

Name

Andy Bell

Reason for the notification

Position/status

Chief Financial Officer

Initial notification/Amendment

Initial Notification

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Name

Serica Energy plc

LEI

213800EZZOKA815VC426

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

Description of the financial instrument, type of instrument

Ordinary shares of US$0.10 per share par value

Identification code

GB00B0CY5V57

Nature of the transaction

Award of options under the LTIP

Price(s) and volumes(s)

Price(s)

Volume(s)

N/A

153,333

Aggregated information

N/A (single transaction)

Aggregated volume


Price


Date of the transaction

18 May 2023

Place of the transaction

Outside a trading venue

 

Enquiries:

 

Serica Energy plc

+44 (0)20 7390 0230 

Mitch Flegg (CEO) / Andy Bell (CFO)




Peel Hunt (Nomad & Joint Broker)

+44 (0)20 7418 8900

Richard Crichton / David McKeown




Jefferies (Joint Broker)

+44 (0)20 7029 8000

Tony White / Will Soutar




Vigo Consulting (PR Advisor)  

+44 (0)20 7390 0230

Patrick d'Ancona / Finlay Thomson

serica@vigoconsulting.com  

 

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