REG - Gulf Keystone Petrol - Director/PDMR Shareholding

Gulf Keystone PetroleumAnnouncement

04/07/2024 09:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240704:nRSD1620Va&default-theme=true

RNS Number : 1620V  Gulf Keystone Petroleum Ltd.  04 July 2024

4 July 2024

Gulf Keystone Petroleum Limited (LSE: GKP)

("Gulf Keystone" or "the Company")

 

Long Term Incentive Plan awards

Director/PDMR Shareholdings

 

LTIP

 

Gulf Keystone announces that, pursuant to the Gulf Keystone Petroleum 2024
Long Term Incentive Plan ("LTIP"), on 1 July 2024 (the "Award Date") awards
over common shares ("2024 Awards") were granted to employees and the persons
discharging managerial responsibilities ("PDMRs") listed below.

 

The LTIP was approved by the Company's shareholders at the Company's Annual
General Meeting held on 21 June 2024, replacing the 2014 Long Term Incentive
Plan. These are the first awards to be made under the new plan and have been
made to eligible employees of the wider workforce, including to employees in
Kurdistan.

 

The quantum of 2024 Awards was determined based on a price of 147.1p being the
closing mid-market price of the Company on 28 June 2024. The vesting date for
the 2024 Awards is 1 July 2027 in respect of executive directors and 1 April
2027 in respect of other participants receiving performance awards. Future
awards are expected to be made following the announcement of the Company's
Full Year Results and will have a vesting period of three years, in accordance
with the agreed provisions and annual issue cycle of the plan. The 2024 Awards
are in the form of nil cost options and no consideration is payable for the
grant of an award. In respect of PDMRs and senior management, vesting of them
will be in accordance with performance conditions.

 

Performance Conditions

 

Vesting of the 2024 Awards is subject to performance conditions which include
the requirement for both absolute and relative total shareholder return
("TSR") targets being met. For the 2024 Awards, TSR will be measured over the
three financial years of the Company commencing in the year of the Grant Date.
In accordance with recent governance guidelines, the Remuneration Committee
has the discretion to review vesting outcomes to ensure a fair reflection of
performance.

 

Awards

 

The following PDMRs have been granted 2024 Awards under the LTIP:

 

 Name                     Position                 Number of awards
 Jon Harris               Chief Executive Officer  639,021
 Gabriel Papineau-Legris  Chief Financial Officer  356,900
 John Hulme               Chief Operating Officer  222,705
 Clare Kinahan            Chief HR Officer         145,615
 Alasdair Robinson        Chief Legal Officer      144,847

 

Staff Awards

 

In addition to the above, a total of 2,080,928 awards in aggregate have also
been granted to eligible employees who are not PDMRs. For lower grade staff
only, awards are made on a time vested basis without performance conditions,
and will vest one third/one third/one third over three years subject to
certain conditions including continuation of employment. Of the 2,080,928
awards detailed above, 444,683 of these are time vested awards.

 

 

Enquiries:

 

 Gulf Keystone:                           +44 (0) 20 7514 1400
 Aaron Clark, Head of Investor Relations  aclark@gulfkeystone.com (mailto:aclark@gulfkeystone.com)

 & Corporate Communications

 FTI Consulting                           +44 (0) 20 3727 1000
 Ben Brewerton                            GKP@fticonsulting.com (mailto:GKP@fticonsulting.com)

 Nick Hennis

 

or visit: www.gulfkeystone.com (http://www.gulfkeystone.com)

 

Notes to Editors:

 

Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and
producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone
is available on its website www.gulfkeystone.com
(http://www.gulfkeystone.com/)

 

Disclaimer

 

This announcement contains certain forward-looking statements that are subject
to the risks and uncertainties associated with the oil & gas exploration
and production business.  These statements are made by the Company and its
Directors in good faith based on the information available to them up to the
time of their approval of this announcement but such statements should be
treated with caution due to inherent risks and uncertainties, including both
economic and business factors and/or factors beyond the Company's control or
within the Company's control where, for example, the Company decides on a
change of plan or strategy.  This announcement has been prepared solely to
provide additional information to shareholders to assess the Group's
strategies and the potential for those strategies to succeed.  This
announcement should not be relied on by any other party or for any other
purpose.

 

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Jon Harris
 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                                                         Gulf Keystone Petroleum Limited
 b)  LEI                                                          213800QTAQOSSTNTPO15
 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  Common shares of $1.00 each in Gulf Keystone Petroleum Limited

     Identification code                                          ISIN: BMG4209G2077
 b)  Nature of the transaction                                    Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term
                                                                  Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       639,021
 d)  Aggregated information

- Aggregated volume

     - Price                                                      Single transaction as in 4c) above.

                                                                  Nil consideration
 e)  Date of the transaction                                      1 July 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

Single transaction as in 4c) above.

Nil consideration

e)

Date of the transaction

1 July 2024

f)

Place of the transaction

Outside a trading venue

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Gabriel Papineau-Legris
 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                                                         Gulf Keystone Petroleum Limited
 b)  LEI                                                          213800QTAQOSSTNTPO15
 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  Common shares of $1.00 each in Gulf Keystone Petroleum Limited

      Identification code

                                                                  ISIN: BMG4209G2077
 b)  Nature of the transaction                                    Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term
                                                                  Incentive Plan

 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  nil       356,900
 d)  Aggregated information

- Aggregated volume

     - Price                                                      Single transaction as in 4c) above.

                                                                  Nil consideration
 e)  Date of the transaction                                      1 July 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

Single transaction as in 4c) above.

Nil consideration

e)

Date of the transaction

1 July 2024

f)

Place of the transaction

Outside a trading venue

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         John Hulme
 2   Reason for the notification
 a)  Position/status                                              Chief Operating Officer
 b)  Initial notification/Amendment                               Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Gulf Keystone Petroleum Limited
 b)  LEI                                                          213800QTAQOSSTNTPO15
 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  Common shares of $1.00 each in Gulf Keystone Petroleum Limited

     Identification code                                          ISIN: BMG4209G2077
 b)  Nature of the transaction                                    Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term
                                                                  Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       222,705
 d)  Aggregated information

- Aggregated volume

     - Price                                                      Single transaction as in 4c) above.

                                                                  Nil consideration
 e)  Date of the transaction                                      1 July 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

Single transaction as in 4c) above.

Nil consideration

e)

Date of the transaction

1 July 2024

f)

Place of the transaction

Outside a trading venue

 

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Clare Kinahan
 2   Reason for the notification
 a)  Position/status                                              Chief HR Officer
 b)  Initial notification/Amendment                               Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Gulf Keystone Petroleum Limited
 b)  LEI                                                          213800QTAQOSSTNTPO15
 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  Common shares of $1.00 each in Gulf Keystone Petroleum Limited

     Identification code                                          ISIN: BMG4209G2077
 b)  Nature of the transaction                                    Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term
                                                                  Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                  Nil       145,615
 d)  Aggregated information

- Aggregated volume

     - Price                                                      Single transaction as in 4c) above.

                                                                  Nil consideration
 e)  Date of the transaction                                      1 July 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

Single transaction as in 4c) above.

Nil consideration

e)

Date of the transaction

1 July 2024

f)

Place of the transaction

Outside a trading venue

 

 

 

  1   Details of the person discharging managerial responsibilities/person closely
      associated
 a)   Name                                                         Alasdair Robinson
 2    Reason for the notification
 a)   Position/status                                              Chief Legal Officer
 b)   Initial notification/Amendment                               Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Gulf Keystone Petroleum Limited
 b)   LEI                                                          213800QTAQOSSTNTPO15
 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  Common shares of $1.00 each in Gulf Keystone Petroleum Limited

      Identification code                                          ISIN: BMG4209G2077
 b)   Nature of the transaction                                    Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term
                                                                   Incentive Plan
 c)   Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                   Nil       144,847
 d)   Aggregated information

- Aggregated volume

      - Price                                                      Single transaction as in 4c) above.

                                                                   Nil consideration
 e)   Date of the transaction                                      1 July 2024
 f)   Place of the transaction                                     Outside a trading venue

d)

Aggregated information

 -  Aggregated volume
 -  Price

 

Single transaction as in 4c) above.

Nil consideration

e)

Date of the transaction

1 July 2024

f)

Place of the transaction

Outside a trading venue

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHGIGDRXBGDGSS