REG - Gulf Keystone Petrol - Long Term Incentive Plan Award
05/04/2022 07:00
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RNS Number : 2289H Gulf Keystone Petroleum Ltd. 05 April 2022
5 April 2022
Gulf Keystone Petroleum Limited (LSE: GKP)
("Gulf Keystone" or "the Company")
Long Term Incentive Plan ("LTIP") Award
Issue under the Deferred Bonus Plan ("DBP")
Director/PDMR Shareholdings
LTIP
Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf
Keystone Long Term Incentive Plan, on 1 April 2022 (the "Award Date") awards
over common shares ("2022 Awards") were granted to employees and the persons
discharging managerial responsibilities ("PDMRs") listed below.
The LTIP was approved by Gulf Keystone Petroleum Limited's shareholders at the
Company's Annual General Meeting held on 17 July 2014; this is the fifth award
to be made under the LTIP and is in accordance with the agreed annual issue
cycle which follows release of the Company's full year results. The awards
are made to eligible employees of the wider workforce, including to employees
in Kurdistan.
The quantum of 2022 Awards was determined based on a price of 259p being the
closing mid-market price of the Company on 30 March 2022. The vesting date for
the 2022 Awards is 1 April 2025, being the third anniversary from the Award
Date. The 2022 Awards are in the form of nil cost options and vesting of them
will be in accordance with performance conditions. No consideration is payable
for the grant of an Award.
Performance Conditions
Vesting of the 2022 Awards is subject to performance conditions which include
the requirement for both absolute and relative total shareholder return
("TSR") targets being met. TSR will be measured over the period of three years
from the Award 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 2022 Awards under the LTIP:
Name Position Number of awards
Jon Harris Chief Executive Officer 339,768
Ian Weatherdon Chief Financial Officer 210,811
John Hulme Chief Operating Officer 121,622
Gabriel Papineau-Legris Chief Commercial Officer 99,081
Alasdair Robinson Chief Legal Officer 63,131
Clare Kinahan Chief HR Officer 63,012
In addition to the above, 2022 Awards over a total of 1,380,855 shares in
aggregate have also been granted under the LTIP to eligible employees who are
not PDMRs.
DBP
At the Company's AGM in June 2019, shareholders approved the DBP. This
provides for 30% of the annual bonus attributable to executive directors to be
paid in the form of nil cost options. These will vest after three years. There
are no performance conditions other than the executive director must continue
to be employed for this period (subject to certain limited exceptions).
The following awards were made on 1 April 2022 and the vesting date is 25
February 2025, being the third anniversary from the annual bonus payroll date.
Name Position Number of awards
Jon Harris Chief Executive Officer 60,962
Ian Weatherdon Chief Financial Officer 44,006
Director/PDMR Shareholdings
On 1 April 2022, the Company was informed of the following transactions by
persons discharging managerial responsibilities ("PDMR").
Mr Gabriel Papineau-Legris, Chief Commercial Officer, sold 74,175 common
shares in Gulf Keystone Petroleum Limited on 31 March 2022 and 1 April 2022 at
an average price of 241.46p per share. Following the sales, Mr Papineau-Legris
owns 100,000 common shares in the Company representing 0.047% of the issued
share capital.
This announcement contains inside information for the purposes of the UK
Market Abuse Regime.
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations aclark@gulfkeystone.com
Celicourt Communications: + 44(0) 20 8434 2754
Mark Antelme GKP@Celicourt.uk
Jimmy Lea
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 2014 Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 339,768
d) Aggregated information
- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
e) Date of the transaction 1 April 2022
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 April 2022
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Ian Weatherdon
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 2014 Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 210,811
d) Aggregated information
- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
e) Date of the transaction 1 April 2022
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 April 2022
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 2014 Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 121,622
d) Aggregated information
- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
e) Date of the transaction 1 April 2022
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 April 2022
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 Commercial 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 2014 Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
nil 99,081
d) Aggregated information
- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
e) Date of the transaction 1 April 2022
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 April 2022
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 2014 Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 63,131
d) Aggregated information
- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
e) Date of the transaction 1 April 2022
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 April 2022
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 2014 Long Term Incentive Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 63,012
d) Aggregated information
- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
e) Date of the transaction 1 April 2022
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 April 2022
f)
Place of the transaction
Outside a trading venue
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 Deferred Bonus Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 60,962
d) Aggregated information
- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
e) Date of the transaction 1 April 2022
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 April 2022
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Ian Weatherdon
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 Deferred Bonus Plan
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 44,006
d) Aggregated information
- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
e) Date of the transaction 1 April 2022
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 April 2022
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 Commercial 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 Sale
c) Price(s) and volume(s) Price(s) Volume(s)
243.35 10,000
d) Aggregated information
- Aggregated volume
- Price 10,000
243.35
e) Date of the transaction 31 March 2022
f) Place of the transaction London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
10,000
243.35
e)
Date of the transaction
31 March 2022
f)
Place of the transaction
London Stock Exchange
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 Commercial 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 Sale
c) Price(s) and volume(s) Price(s) Volume(s)
240.00 20,000
238.50 20,000
244.32 24,175
d) Aggregated information
- Aggregated volume
- Price 64,175
241.16
e) Date of the transaction 1 April 2022
f) Place of the transaction London Stock Exchange
240.00 20,000
238.50 20,000
244.32 24,175
d)
Aggregated information
- Aggregated volume
- Price
64,175
241.16
e)
Date of the transaction
1 April 2022
f)
Place of the transaction
London Stock Exchange
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