Long Term Incentive Plan ("LTIP") Award

RNS Number : 8101U

Gulf Keystone Petroleum Ltd.

02 April 2019

 

Not for release, publication or distribution, directly or indirectly, in whole or in part in or into the United States or any jurisdiction other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws or regulations of such jurisdiction.  This announcement (and the information contained herein) does not contain or constitute an offer to sell or the solicitation of an offer to purchase, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation or sale would constitute a contravention of the relevant laws or regulations of such jurisdiction.

2 April 2019

Gulf Keystone Petroleum Limited (LSE: GKP)

("Gulf Keystone" or "the Company")

Long Term Incentive Plan ("LTIP") Award

Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Petroleum Long Term Incentive Plan, on 1 April 2019 awards over Common Shares ("2019 Awards") were granted to staff and the persons discharging managerial responsibilities ("PDMRs") listed below.

The LTIP was approved by Gulf Keystone Petroleum Ltd shareholders at the Company's Annual General Meeting held on 17 July 2014; this is the second award to be made under the LTIP.

The 2019 Awards were made based on a price of 254p being the closing mid-market price of the Company on 29 March 2019.  The vesting date for 2019 Awards is 1 April 2022, being the third anniversary from the award date.  The 2019 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 2019 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.

Awards

The following PDMRs have been granted awards under the LTIP:

Name	Position	Number of awards
Jane Barker	HR Director	48,529
Stuart Catterall	Chief Operating Officer	118,110
Ross Deutscher	Country Manager Kurdistan	62,750
Nadzeya Kernoha	Head of Finance	46,299
Gabriel Papineau-Legris	Commercial Director	58,932
Mark Parsley	Subsurface Manager	53,008
Alasdair Robinson	Legal Director/Company Secretary	60,094

In addition to the above, Awards over a total of 772,953 shares in aggregate have also been granted under the LTIP to eligible employees who are not PDMRs.

Enquiries:

Celicourt Communications:	[phone]
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	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 48,529
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	1 April 2019
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  118,110
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	1 April 2019
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 62,750
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	1 April 2019
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 46,299
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	1 April 2019
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	Commercial 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  58,932
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	1 April 2019
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 53,008
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	1 April 2019
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  60,094
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4c) above. Nil consideration
e)	Date of the transaction	1 April 2019
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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