Director Share Dealing

RNS Number : 9555X

Tullow Oil PLC

30 June 2008

 



News release 

Tullow Oil plc: Director share dealings

30 June 2008 - Tullow Oil plc (Tullow) announces the following share dealings undertaken by certain Directors on 29 and 30 June 2008.

Performance Share Plan 

On 29 and 30 June 2008, the first tranche of conditional share awards made to executive directors under the Tullow Oil 2005 Performance Share Plan ('PSP') vested in full following the Company's exceptional TSR performance over the three year performance period. Details of the awards that vested are set out in the table below. Aidan Heavey (Chief Executive), Tom Hickey (Chief Financial Officer), Graham Martin (General Counsel) and Paul McDade (Chief Operating officer) have sold part or all of the number of shares that vested; the sales being made partly to discharge tax obligations arising on vesting. 

Executive Share Option Schemes

On 30 June 2008, in addition to selling some or all of the shares that vested under the PSP, Aidan Heavey, Paul McDade and Graham Martin simultaneously exercised options over a total of 4,168,656 shares granted to them under the terms of either or both of the 1998 and 2000 Executive Share Option Schemes. Details of the number of options exercised are set out in the table below. All three directors sold part or all of the number of shares over which options were exercised; the sales being made partly to discharge tax obligations arising on exercise. 

Other sale 

On 30 June 2008, Pat Plunkett (Chairman of the Board) sold 218,000 ordinary shares in Tullow representing part of his personal holding as shown in the table below. 

The total number of shares sold as a result of the above transactions amounted to 4,842,714 shares, the shares being sold in all cases at a price of 930p. 

Name of Director	Holding of ordinary shares prior to 30 June '08	PSP Shares Vested	Options Exercised (weighted acquisition price per share, where relevant)	Total Shares Sold	Holding of ordinary shares  following this  notification
Aidan Heavey	6,000,000	347,755	2,830,230 (83.2p)	3,177,985	6,000,000
Tom Hickey	104,513	213,877	Nil	183,877	134,513
Graham Martin	1,102,005	213,877	988,426 (66.4p)	952,303	1,352,005
Paul McDade	15,578	188,571	350,000 (86.6p)	310,549	243,600
Pat Plunkett	1,229,326	Nil	Nil	218,000	1,011,326

Following the above dealings, there is no change to Aidan Heavey's shareholding in Tullow. 

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

The Company was informed by the Directors listed above of the above transactions on 30  June 2008.

For further information contact: 

Tullow Oil plc  ([phone]) Aidan Heavey Tom Hickey Chris Perry

Citigate Dewe Rogerson  ([phone])  Martin Jackson George Cazenove

Murray Consultants  ([phone])  Joe Murray Ed Micheau

Notes to Editors

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London and Irish Stock Exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 100 exploration and production licences across 23 countries and focuses on four core areas: Europe, Africa, South Asia and South America.

Tullow's European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames-Hewett areas and operates over 70% of its production. The company also has interests offshore the Netherlands and Portugal.

In Africa, Tullow has exploration and production in Gabon, Côte d'Ivoire, Mauritania and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Mauritania, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola.

In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and high impact exploration activities in India.

In South America Tullow has high impact exploration interests in Trinidad and Tobago, French Guiana and Suriname.

For further information please refer to our website at www.tullowoil.com   

ENDS

 

END

 

 

RDSBRGDLSGXGGIG