REG - Serica Energy PLC - Long Term Incentive Plan Awards

Serica EnergyAnnouncement

18/05/2023 15:15

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RNS Number : 9349Z  Serica Energy PLC  18 May 2023

18 May 2023

Serica Energy plc

("Serica" or "the Company")

Long Term Incentive Plan Awards

London, 18 May 2023 - Serica Energy plc (AIM: SQZ) announces that the Company
has granted nil-cost options over a total of 1,075,668 ordinary shares of
US$0.10 each (representing approximately 0.2% of the Company's issued share
capital) in accordance with the rules of the Serica Energy plc 2017 Long Term
Incentive Plan ("LTIP"). The award has been made to members of the Group's
executive team and senior management.

These awards include a total of 472,777 ordinary shares of US$0.10 each for
the executive directors as set out in the table below and are subject to
vesting criteria that are designed to incentivise performance that delivers
value for all shareholders.

The vesting criteria are based on absolute share price performance over a
three-year period and specific performance targets related to carbon emissions
from operations over the same period. For the awards to vest in full, the
highest average share price must be at least equal to 500p during the 180 day
period terminating on the end of the performance period together with a
significant decrease in carbon emissions per barrel of oil equivalent
produced.

 Director / PDMR  Position                 Number of shares awarded
 Mitch Flegg      Chief Executive Officer  319,444
 Andy Bell        Chief Financial Officer  153,333

 

 

The notifications below, made in accordance with the requirements of the
Market Abuse Regulation, provide further detail.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

 

 

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Mitch Flegg
 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                                                         Serica Energy plc
 b)  LEI                                                          213800EZZOKA815VC426
 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  Ordinary shares of US$0.10 per share par value
     Identification code                                          GB00B0CY5V57
 b)  Nature of the transaction                                    Award of options under the LTIP
 c)  Price(s) and volumes(s)                                      Price(s)                     Volume(s)
     N/A                                                                                       319,444
 d)  Aggregated information                                       N/A (single transaction)
     Aggregated volume
     Price
 e)  Date of the transaction                                      18 May 2023
 f)  Place of the transaction                                     Outside a trading venue

 

 Details of the person discharging managerial responsibilities / person closely
 associated
 Name                                                         Andy Bell
 Reason for the notification
 Position/status                                              Chief Financial Officer
 Initial notification/Amendment                               Initial Notification
 Details of the issuer, emission allowance market participant, auction
 platform, auctioneer or auction monitor
 Name                                                         Serica Energy plc
 LEI                                                          213800EZZOKA815VC426
 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
 Description of the financial instrument, type of instrument  Ordinary shares of US$0.10 per share par value
 Identification code                                          GB00B0CY5V57
 Nature of the transaction                                    Award of options under the LTIP
 Price(s) and volumes(s)                                      Price(s)                  Volume(s)
                                                              N/A                       153,333
 Aggregated information                                       N/A (single transaction)
 Aggregated volume
 Price
 Date of the transaction                                      18 May 2023
 Place of the transaction                                     Outside a trading venue

 

Enquiries:

 

 Serica Energy plc                     +44 (0)20 7390 0230
 Mitch Flegg (CEO) / Andy Bell (CFO)

 Peel Hunt (Nomad & Joint Broker)      +44 (0)20 7418 8900
 Richard Crichton / David McKeown

 Jefferies (Joint Broker)              +44 (0)20 7029 8000
 Tony White / Will Soutar

 Vigo Consulting (PR Advisor)          +44 (0)20 7390 0230
 Patrick d'Ancona / Finlay Thomson     serica@vigoconsulting.com

 

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