Director/PDMR Shareholding

Tullow Oil PLC

15 June 2026

 

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

Tullow announces that the following conditional and nil-cost option awards (each an "Award") over its ordinary shares of £0.10 pence each ("Shares") were made under the Tullow Oil plc 2023 Executive Share Plan ("the ESP") on 11 June 2026 to Ian Perks, Chief Executive Officer and Richard Miller, Chief Financial Officer of the Company, each being 'persons discharging managerial responsibilities'.

The vesting of the Awards depends upon the extent to which specified performance targets are met over a three-year performance period from 11 June 2026 to 10 June 2029, subject to any adjustments that are made to the vesting outcome of an Award in accordance with the rules of the ESP. Following any such vesting, the Awards will ordinarily be subject to a further two year "holding period" and the release of Shares to the relevant Award holder will be postponed until the expiry of that holding period (i.e. 11 June 2031).

Separately, on 11 June 2026 Mr Perks and Mr Miller were each granted a cash conditional award (a "Cash Award") under the ESP (as amended and approved by shareholders by resolution at the annual general meeting of the Company held on 10 June 2026 (the "2026 AGM"). Each Cash Award represents a right for the relevant Cash Award holder to receive a cash sum in the maximum amount of 125% of their base salary (as at the date of grant of the Cash Award). The vesting of the Cash Awards (and the amount of cash payable to the relevant Cash Award holder) depends upon the extent to which specified performance targets (which relate to addressing the Company's debt maturities) are met over the vesting period of the Cash Award, subject to any adjustments that are made to the vesting outcome of an Award in accordance with the rules of the ESP. The Cash Awards have been granted in accordance with the terms of the new Directors' Remuneration Policy which was approved by resolution of the shareholders at the 2026 AGM. For the avoidance of doubt, the Cash Awards do not confer a right to receive shares, and the cash value that is receivable is not related to the price of a share - accordingly, details of the Cash Awards are not included in the regulatory tables set out in the remainder of this announcement.

Ian Perks

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Ian Perks
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notifications /Amendments	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tullow Oil plc
b)	LEI	2138003EYHWO75RKS857
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 Identification code	Ordinary shares of 10 pence each GB0001500809
b)	Nature of the transactions	Grant of conditional awards pursuant to the ESP.
c)	Price(s) and volume(s)	Price(s) Nil	Volume(s) 4,531,250
d)	Aggregated information - Aggregated volume - Price	4,531,250 Nil
e)	Date of the transactions	11.06.2026
f)	Place of the transactions	Outside a trading venue

Richard Miller

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Richard Miller
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notifications /Amendments	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tullow Oil plc
b)	LEI	2138003EYHWO75RKS857
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 Identification code	Ordinary shares of 10 pence each GB0001500809
b)	Nature of the transactions	Grant of nil price options pursuant to the ESP.
c)	Price(s) and volume(s)	Price(s) Nil	Volume(s) 3,125,000
d)	Aggregated information - Aggregated volume - Price	3,125,000 Nil
e)	Date of the transactions	11.06.2026
f)	Place of the transactions	Outside a trading venue

Name of officer of issuer responsible for making notification: Adam Holland Date of notification: 15.06.2026

 

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