Director/PDMR Shareholding

RNS Number : 0276A

Tullow Oil PLC

13 February 2014

 



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

Directors' Dealings

Tullow announces that the following dealings in ordinary shares of £0.10 each in the capital of Tullow ('Shares') were undertaken by certain Directors on the London Stock Exchange on 12 February 2014 and 13 February 2014.

Purchases of Shares by Simon Thompson and Jeremy Wilson

On 12 February 2014, Simon Thompson (Chairman) purchased 6,244 Shares at £7.9648 per Share to take his holding to 20,604 Shares. On 13 February 2014, Jeremy Wilson (non- executive Director)

purchased 15,000 Shares at £7.87 per Share which represents his total holding in Tullow Shares. 

Executive Share Option Scheme

On 12 February 2014, Graham Martin (Executive Director and Company Secretary) exercised options over  190,000 Shares that had been granted to him in 2004 under the terms of the Tullow Oil 2000 Executive Share Option Scheme ('ESOS'). On the same date, Mr Martin sold 74,920 Shares at £8.015 per Share to discharge tax obligations arising from the exercise of the options. The balance of Shares acquired on exercise of these options has been retained by Mr Martin.

Deferred Share Bonus Plan

 On 12 February 2014, Angus McCoss (Exploration Director) exercised 'nil cost' options over a total of 11,308 Shares  that had been granted to him in 2011 pursuant to the terms of the Tullow Oil Deferred Share Bonus Plan 2005 ('DSBP'). On the same date,  Angus McCoss sold 5,329 Shares at £8.015 per Share to discharge tax obligations arising on exercise of his options. The balance of 5,979 Shares retained by Angus McCoss will be pledged to UBS Private Banking as security for certain personal loans.  Notwithstanding the pledging of such Shares, he remains the beneficial owner of such Shares.  

Following these transactions, the numbers of Shares held by Graham Martin and Angus McCoss have increased as shown in the second table below.

Full details of the options exercised, the Shares sold and retained and the resultant shareholdings of  Messrs Martin and McCoss are disclosed in the tables below.    

Options exercised 

Director	Plan	Grant date	No. of Shares over which options granted	No. of Shares vested	No. of Shares over which option exercised	Exercise price
Graham Martin	ESOS	20.09.04	190,000	190,000	190,000	130.75p
Angus McCoss	DSBP	18.03.11	11,308	11,308	11,308	N/A

Shares sold/retained

Director	Holdings of Shares prior to 12 February  2014	Total Shares acquired on exercise of options	Shares sold	Shares retained	Holdings of Shares following this notification
Graham Martin	1,915,312	190,000	74,920	115,080	2,030,392
Angus McCoss	241,446	11,308	5,329	5,979	247,425

Notes:

1.        In addition to the above holding, Graham Martin holds a total of 7,864 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 686 partnership shares, 686 matching shares and 6,492 unrestricted shares.  

2.        In addition to the above holding ,Angus McCoss holds a total of 2,894 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 686 partnership shares, 686 matching shares and 1,522 unrestricted shares.  

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

The Company was informed by the Directors listed above of the above transactions on 12 and 13 February 2014.

Enquiries:

George Cazenove

Tullow Oil plc

+ 44 203 249 9000

 

END

 

 

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