Long Term Incentive Plan Awards

Serica Energy PLC

24 May 2024

 

Serica Energy plc

("Serica" or "the Company")

Long Term Incentive Plan Awards

London, 24 May 2024 - Serica Energy plc (AIM: SQZ) announces that the Company has granted nil-cost options over a total of 1,291,130 ordinary shares of US$0.10 each (representing approximately 0.3% of the Company's issued share capital) in accordance with the rules of the Serica Energy plc 2017 Long Term Incentive Plan ("LTIP"). The total awards above include a nil-cost option over a total of 274,574 ordinary shares of US$0.10 each to the Company's Chief Financial Officer as set out in the table below. The awards are subject to performance vesting criteria that are designed to incentivise performance that delivers value for all shareholders.

The performance vesting criteria include sliding scale measures of share price performance (35% weighting) and of relative total shareholder return performance (35% weighting), in each case, in respect of a three year period ending at the end of April 2027; together with annual emissions intensity targets (30% weighting) in respect of 2024, 2025 and 2026. For the awards to vest in full, the 90 day end average share price must be at least equal to 400p, the Company's relative total shareholder return performance must be at least upper quartile relative performance (relative to a comparator group of companies) and an emissions intensity target (relating to CO₂e per barrel of oil equivalent from the Group's entire producing portfolio of assets) met in respect of each of 2024, 2025 and 2026.

The awards have a normal vesting of date of 23 May 2027 and are subject to a continued service condition save in the case of good leavers.

Director / PDMR	Position	Number of shares awarded
Martin Copeland	Chief Financial Officer	274,574

The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Martin Copeland
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Serica Energy plc
b)	LEI	213800EZZOKA815VC426
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	Ordinary shares of US$0.10 per share par value
	Identification code	GB00B0CY5V57
b)	Nature of the transaction	Award of options under the LTIP
c)	Price(s) and volumes(s)	Price(s)	Volume(s)
		N/A	274,574
d)	Aggregated information	N/A (single transaction)
	Aggregated volume
	Price
e)	Date of the transaction	23 May 2024
f)	Place of the transaction	Outside a trading venue

Enquiries:

Serica Energy plc	[phone]
David Latin (Chairman and Interim CEO) / Martin Copeland (CFO) / Stephen Lambert (VP Legal and External Relations)
Peel Hunt (Nomad & Joint Broker)	[phone]
Richard Crichton / David McKeown / Georgia Langoulant
Jefferies (Joint Broker)	[phone]
Sam Barnett / Will Soutar
Vigo Consulting (PR Advisor)	[phone]
Patrick d'Ancona / Finlay Thomson	[e-mail]

 

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