Director/PDMR Shareholding

RNS Number : 4399V

Tullow Oil PLC

07 August 2020

 

TULLOW OIL PLC

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

Following the commencement of his employment as Chief Executive Officer of Tullow Oil plc (the "Company") on 1 July 2020, Mr Rahul Dhir has was granted on 5 August 2020 awards over shares in the company as detailed below (the "Awards").

Consistent with the Company's approved Remuneration Policy, the Company agreed to make the Awards to compensate Mr Dhir for certain share arrangements which he forfeited on leaving his former employer.

The grant of the Awards was conditional on Mr Dhir purchasing shares in the Company with a value of £350,000 (calculated by reference to the closing price of a share in the Company on the dealing day immediately prior to the date of purchase). Mr Dhir purchased 1,346,000 shares in the Company on 11 May 2020 (the "Purchased Shares") and he is required to retain these shares in connection with the grant of the Awards.

The Awards, which were granted pursuant to an individual plan put in place by the Company in accordance with Listing Rule 9.4.2, comprise:

· A restricted share award in the form of a nil-cost option over 3,000,000 shares;

· A share option over 3,000,000 shares with a per share exercise price of £0.2566 (being equal to the market value of a share at the close of trading on the dealing date immediately following the date on which the Purchased Shares were acquired); and

· A share option over 3,000,000 shares with a per share exercise price of £0.5132 (being twice the exercise price for the above options).

The Awards will ordinarily vest on 1 July 2025.

Further detail will be set out in the Directors' Remuneration Report for 2020.

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

1	Details of the person discharging managerial responsibilities
a)	Name	Rahul Dhir
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Tullow Oil plc
b)	LEI	2138003EYHWO75RKS857
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	Ordinary shares of 10p each GB0001500809
b)	Nature of the transaction	Grant of share options under Rahul Dhir Buyout Awards Agreement to be exercised for nil cost or a per share exercise price as set out below
c)	Price(s) and volume(s)	Price(s) Volume(s) 1 Nil 3,000,000 2 £0.2566 3,000,000 3 £0.5132 3,000,000
d)	Aggregated information -Aggregated volume -Price	(1) (2) (3) 9,000,000 (1) Nil (2) £769,800 (3) £1,539,600
e)	Date of the transaction	5 August 2020
f)	Place of the transaction	Outside a trading venue

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