Tullow Oil PLC

Director/PDMR Shareholding

RNS Number : 8589O
Tullow Oil PLC
11 February 2016
 

Tullow Oil plc

11 February 2016

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

Director/PDMR Notification

Awards of Shares under the Tullow Incentive Plan

The Company announces that on 11 February 2016 each of the following Executive Directors and other PDMRs were granted nil exercise price options over the number of ordinary shares of 10p each in the Company set out below under the terms of the Tullow Incentive Plan:


Number of Tullow Incentive Plan Shares awarded 11 February 2016

Number of Tullow Incentive Plan Shares awarded 18 February 2015

Number of Tullow Incentive Plan Shares awarded 19 February 2014

Cumulative number of Tullow Incentive Plan Shares  outstanding

Executive Directors

Aidan Heavey

565,423

152,772

102,992

821,187

Angus McCoss

319,767

86,398

58,246

464,411

Graham Martin

319,767

86,398

58,246

464,411

Ian Springett

339,529

91,737

61,845

493,111

Paul McDade

319,767

86,398

58,246

464,411

Other PDMRs

Brian Williams

145,976

32,862

32,796

211,634

David Lawrie

135,833

30,578

26,066

192,477

Gary Thompson

143,674

32,343

8,765

184,782

Ian Cloke

99,037

22,295

21,628

142,960

Les Wood

136,422

26,756

0

163,178

No consideration was paid for any of the awards and no consideration is due on vesting.

The awards granted to the Executive Directors on 11 February 2016 will normally vest on 11 February 2021. The awards granted to the other PDMRs on 11 February 2016 will normally vest on 11 February 2019.

The awards granted to the Executive Directors on 18 February 2015 will normally vest on 18 February 2019 as to 50% of the shares subject to each award and 18 February 2020 as to the remaining 50% of the shares. The awards granted to the other PDMRs on 18 February 2015 will normally vest on 18 February 2018.

The awards granted to the Executive Directors on 19 February 2014 will normally vest on 19 February 2017 as to 50% of the shares subject to each award and 19 February 2018 as to the remaining 50% of the shares. The awards granted to the other PDMRs on 19 February 2014 will normally vest on 19 February 2017.

Vested awards which are not exercised will expire on the tenth anniversary from the date of grant.

Tullow further announces that the following dealings in ordinary shares of 10p each in the Company were undertaken by a director of the Company on the London Stock Exchange on 10 and 11 February 2016.

Exercise of Deferred Share Bonus Plan Options and Sale

On 10 February 2016, Angus McCoss (Chief Exploration Officer and Executive Director) exercised 'nil cost' options over a total of 25,816 shares granted to him in 2013 pursuant to terms of the Tullow Oil 2005 Deferred Share Bonus Plan ('DSBP').  On the following day, Mr McCoss sold 12,192 ordinary shares at £1.47 per share to discharge tax obligations arising on the exercise of his options. The shares exercised by Mr McCoss will be pledged to UBS Private Banking as security for certain personal loans.  Notwithstanding the pledging of such shares, he remains the beneficial owner of such shares. 

Following these transactions, the number of shares held by Mr McCoss increased as shown in the second table below.

Full details of the options exercised, the ordinary shares sold and the resultant shareholding of Mr McCoss are disclosed in the tables below.   

Options Exercised 

Director

Plan

Grant date

No. of Shares over which options granted

No. of Shares vested

No. of Shares over which option exercised

Exercise price

Angus McCoss

DSBP

22.02.13

25,816

25,816

25,816

N/A

 

Shares Sold and Shareholding

Director

Holdings of Shares prior to 10 Feb 2016

Total Shares acquired on exercise of options on 10 Feb 2016

Ordinary Shares sold on 11 Feb 2016

Net Share increase following exercise and sale

Holdings of Shares following this notification

Angus McCoss

261,078

25,816

12,192

13,624

274,702

Note:

1.     In addition to the above holding, Angus McCoss holds a total of 5,150 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 1,503 partnership shares, 1,503 matching shares and 2,144 unrestricted shares. 

 

The Company was informed of Mr McCoss' exercise on 10 February 2016 and the other transactions described above on 11 February 2016.

This notification is made in accordance with DTR 3.1.4R. 

Enquiries

Kevin Massie

Tullow Oil plc


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