Long Term Incentive Plan and Deferred Bonus Plan

RNS Number : 3661L

Gulf Keystone Petroleum Ltd.

29 April 2020

 

29 April 2020

Gulf Keystone Petroleum Limited (LSE: GKP)

("Gulf Keystone" or "the Company")

Long Term Incentive Plan ("LTIP") Award

Issue under the Deferred Bonus Plan ("DBP")

LTIP

Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Long Term Incentive Plan, on 28 April 2020 awards over Common Shares ("2020 Awards") were granted to staff and the persons discharging managerial responsibilities ("PDMRs") listed below.

The LTIP was approved by Gulf Keystone Petroleum Limited's shareholders at the Company's Annual General Meeting held on 17 July 2014; this is the third award to be made under the LTIP and is in accordance with the agreed annual issue cycle which follows release of the Company's full year results.  The awards are made to eligible employees of the wider workforce, including to employees in Kurdistan.

The quantum of 2020 Awards was determined based on a price of 74.4p being the closing mid-market price of the Company on 27 April 2020.  The vesting date for 2020 Awards is 28 April 2023, being the third anniversary from the award date.  The 2020 Awards are in the form of nil cost options and vesting of them will be in accordance with performance conditions.  No consideration is payable for the grant of an Award. 

Performance Conditions

Vesting of the 2020 Awards is subject to both absolute and relative total shareholder return ("TSR") targets being met, each measure having a 50% weighting.  TSR will be measured over the period of three years from the award date. In accordance with recent governance guidelines, the Remuneration Committee has the discretion to review vesting outcomes to ensure a fair reflection of performance.

Awards

The following PDMRs have been granted 2020 Awards under the LTIP:

Name	Position	Number of awards
Jane Barker	HR Director	217,452
Stuart Catterall	Chief Operating Officer	419,355
Ross Deutscher	Country Manager Kurdistan	230,022
Nadzeya Kernoha	Head of Finance	182,796
Gabriel Papineau-Legris	Chief Commercial Officer	328,495
Mark Parsley	Subsurface Manager	186,397
Alasdair Robinson	Legal Director/Company Secretary	211,316
Ian Weatherdon	Chief Financial Officer	733,871

In addition to the above, 2020 Awards over a total of 2,230,511 shares in aggregate have also been granted under the LTIP to eligible employees who are not PDMRs.

DBP

At the Company's AGM in June 2019, shareholders approved the DBP.  This provides for 30% of the annual bonus attributable to executive directors to be paid in the form of nil cost options.  These will vest after three years.  There are no performance conditions other than the executive director must continue to be employed for this period (subject to certain limited exceptions). The award was made on 28 April 2020 and the vesting date is 28 April 2023, being the third anniversary from the award date.   This the first issue under the DBP and the following award was granted.

Name	Position	Number of awards
Jón Ferrier	CEO	113,407

Enquiries:

Celicourt Communications:	+ 44(0) 20 8434 2754
Mark Antelme Jimmy Lea

or visit:  www.gulfkeystone.com  

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jón Ferrier
2	Reason for the notification
a)	Position/status	CEO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the Deferred Bonus Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 113,407
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jane Barker
2	Reason for the notification
a)	Position/status	Human Resources Director
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the 2014 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 217,452
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Stuart Catterall
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the 2014 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 419,355
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Ross Deutscher
2	Reason for the notification
a)	Position/status	Country Manager - Kurdistan
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the 2014 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 230,022
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Nadzeya Kernoha
2	Reason for the notification
a)	Position/status	Head of Finance
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the 2014 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 182,796
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Gabriel Papineau-Legris
2	Reason for the notification
a)	Position/status	Chief Commercial Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the 2014 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) nil   328,495
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Mark Parsley
2	Reason for the notification
a)	Position/status	Subsurface Manager
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the 2014 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 186,397
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Alasdair Robinson
2	Reason for the notification
a)	Position/status	Legal Director & Company Secretary
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the 2014 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil   211,316
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Ian Weatherdon
2	Reason for the notification
a)	Position/status	CFO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Gulf Keystone Petroleum Limited
b)	LEI	213800QTAQOSSTNTPO15
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	Common shares of $1.00 each in Gulf Keystone Petroleum Limited ISIN: BMG4209G2077
b)	Nature of the transaction	Grant of nil cost award under the 2014 Long Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 733,871
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	28 April 2020
f)	Place of the transaction	Outside a trading venue

Disclaimer

This announcement contains certain forward-looking statements.  These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information.  This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed.  This announcement should not be relied on by any other party or for any other purpose.

 

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