Director/PDMR Shareholding

RNS Number : 5256Y

Tullow Oil PLC

22 February 2013

 

Tullow Oil plc

22 February 2013

Tullow Oil plc ('Tullow' or 'the Company')

Director/PDMR Notification

1.Awards of Shares under the Company's 2005 Performance Share Plan

The Company announces that on 22 February 2013 each of the following executive directors were granted nil cost options over the number of ordinary shares of 10p each set out below under the terms of the Tullow Oil 2005 Performance Share Plan:

Director	Number of Performance Share Plan shares awarded 22 February   2013	Cumulative number of Performance Share Plan shares  outstanding
Aidan Heavey	300,000	1,240,563
Graham Martin	175,000	717,605
Angus McCoss	175,000	637,328
Paul McDade	175,000	717,605
Ian Springett	175,000	713,148

The awards granted on 22 February 2013 will normally vest on 22 February 2016 subject to continued employment and the satisfaction of performance conditions. The figures reflect the maximum number of shares that might vest in three years' time - the actual number vesting will depend on the extent to which the performance conditions are satisfied over the three year performance period. The awards will remain exercisable subject to continued employment for a period of 7 years from the date of vesting. No consideration was paid for any of the awards and no consideration is due on vesting.

2.Awards of Shares under the Company's 2005 Deferred Share Bonus Plan

Under the Company's annual bonus arrangements, part of the annual performance related bonus of the executive directors of Tullow is satisfied by the award of nil cost options under the Tullow Oil 2005 Deferred Share Bonus Plan ('Plan'). The Company announces in respect of the 2012 annual bonus that, on 22 February 2013, each of the following executive directors were granted awards over the number of ordinary shares of 10p each set out below under the terms of the Plan.

Director	Number of Deferred Share Bonus Plan shares awarded 22 February 2013	Cumulative number of Deferred Share Bonus Plan shares outstanding
Aidan Heavey	45,649	217,984
Graham Martin	25,816	123,279
Angus McCoss	25,816	121,944
Paul McDade	25,816	121,944
Ian Springett	27,411	83,760

The awards granted on 22 February 2013 will normally vest on 1 January 2016 subject to continued employment. The options will remain exercisable subject to continued employment for a period of 7 years from the date of vesting. No consideration was paid for any of the awards and no consideration is due on vesting.

This notification is made in accordance with DTR 3.1.4R (1)(a). 

Enquiries

Graham Martin

Tullow Oil plc

+ 44 203 249 9000

 

END

 

 

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