Director/PDMR Shareholding

RNS Number : 8042I

Tullow Oil PLC

18 March 2010

 

18 March 2010

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

Director/PDMR Notification

Awards of Shares under the Company's 2005 Performance Share Plan

The Company announces that on 17 March 2010 each of the following executive directors were granted nil cost options over the number of ordinary shares of 10p each set out below under the terms of the Tullow Oil 2005 Performance Share Plan:

Director	Number of Performance Share Plan shares awarded 17 March 2010	Cumulative number of Performance Share  Plan shares  outstanding
Aidan Heavey	106,496	652,918
Graham Martin	60,277	369,311
Angus McCoss	60,277	329,448
Paul McDade	60,277	329,448
Ian Springett	63,949	237,260

The awards granted on 17 March 2010 will normally vest on 17 March 2013 subject to continued employment and the satisfaction of performance conditions. The figures reflect the maximum number of shares that might vest in three years time - the actual number vesting will depend on the extent to which the performance conditions are satisfied over the three year performance period. The options will remain exercisable subject to continued employment for a period of 7 years from the date of vesting. No consideration was paid for any of the awards and no consideration is due on vesting.

Awards of Shares under the Company's 2005 Deferred Share Bonus Plan

Under the Company's annual bonus arrangements, part of the annual performance related bonus of the executive directors of Tullow is satisfied by the award of nil cost options under the Tullow Oil 2005 Deferred Share Bonus Plan ('Plan'). The Company announces in respect of the 2009 annual bonus that, on 17 March 2010, each of the following executive directors were granted awards over the number of ordinary shares of 10p each set out below under the terms of the Plan.

Director	Number of Deferred Share Bonus Plan shares awarded 17 March 2010	Cumulative number of Deferred Share Bonus Plan shares outstanding
Aidan Heavey	28,189	106,686
Graham Martin	15,941	60,336
Angus McCoss	15,941	59,001
Paul McDade	15,941	59,001
Ian Springett	16,927	16,927

The awards granted on 17 March 2010 will normally vest on 1 January 2013 subject to continued employment. The options will remain exercisable subject to continued employment for a period of 7 years from the date of vesting. No consideration was paid for any of the awards and no consideration is due on vesting.

This notification is made in accordance with DTR 3.1.4R (1)(a). 

Enquiries

Graham Martin

Tullow Oil plc

+ 44 208 996 1000

 

END

 

 

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