REG - Tullow Oil PLC - Director/PDMR Shareholding <Origin Href="QuoteRef">TLW.L</Origin>

Tullow OilAnnouncement

11/02/2016 18:20

RNS Number : 8589O
Tullow Oil PLC
11 February 2016
Tullow Oil plc
11 February 2016
Tullow Oil plc ('Tullow' or the 'Company')
Director/PDMR Notification
Awards of Shares under the Tullow Incentive Plan
The Company announces that on 11 February 2016 each of the following Executive Directors and other PDMRs were granted nil exercise price options over the number of ordinary shares of 10p each in the Company set out below under the terms of the Tullow Incentive Plan: 

Number of Tullow Incentive Plan Shares awarded 11 February 2016
Number of Tullow Incentive Plan Shares awarded 18 February2015
Number of Tullow Incentive Plan Shares awarded 19 February2014
Cumulative number of Tullow Incentive Plan Shares outstanding 
Executive Directors
Aidan Heavey
565,423
152,772
102,992
821,187
Angus McCoss
319,767
86,398
58,246
464,411
Graham Martin
319,767
86,398
58,246
464,411
Ian Springett
339,529
91,737
61,845
493,111
Paul McDade
319,767
86,398
58,246
464,411
Other PDMRs
Brian Williams
145,976
32,862
32,796
211,634
David Lawrie
135,833
30,578
26,066
192,477
Gary Thompson
143,674
32,343
8,765
184,782
Ian Cloke
99,037
22,295
21,628
142,960
Les Wood
136,422
26,756
0
163,178
No consideration was paid for any of the awards and no consideration is due on vesting.
The awards granted to the Executive Directors on 11 February 2016 will normally vest on 11 February 2021. The awards granted to the other PDMRs on 11 February 2016 will normally vest on 11 February 2019.
The awards granted to the Executive Directors on 18 February 2015 will normally vest on 18 February 2019 as to 50% of the shares subject to each award and 18 February 2020 as to the remaining 50% of the shares. The awards granted to the other PDMRs on 18 February 2015 will normally vest on 18 February 2018.
The awards granted to the Executive Directors on 19 February 2014 will normally vest on 19 February 2017 as to 50% of the shares subject to each award and 19 February 2018 as to the remaining 50% of the shares. The awards granted to the other PDMRs on 19 February 2014 will normally vest on 19 February 2017.
Vested awards which are not exercised will expire on the tenth anniversary from the date of grant.
Tullow further announces that the following dealings in ordinary shares of 10p each in the Company were undertaken by a director of the Company on the London Stock Exchange on 10 and 11 February 2016.
Exercise of Deferred Share Bonus Plan Options and Sale
On 10 February 2016, Angus McCoss (Chief Exploration Officer and Executive Director) exercised 'nil cost' options over a total of 25,816 shares granted to him in 2013 pursuant to terms of the Tullow Oil 2005 Deferred Share Bonus Plan ('DSBP'). On the following day, Mr McCoss sold 12,192 ordinary shares at 1.47 per share to discharge tax obligations arising on the exercise of his options. The shares exercised by Mr McCoss will be pledged to UBS Private Banking as security for certain personal loans. Notwithstanding the pledging of such shares, he remains the beneficial owner of such shares. 
Following these transactions, the number of shares held by Mr McCoss increased as shown in the second table below. 
Full details of the options exercised, the ordinary shares sold and the resultant shareholding of Mr McCoss are disclosed in the tables below. 
Options Exercised 
Director
Plan
Grant date
No. of Shares over which options granted
No. of Shares vested
No. of Shares over which option exercised
Exercise price
Angus McCoss
DSBP
22.02.13
25,816
25,816
25,816
N/A
Shares Sold and Shareholding
Director
Holdings of Shares prior to 10 Feb 2016
Total Shares acquired on exercise of options on 10 Feb 2016
Ordinary Shares sold on 11 Feb 2016 
Net Share increase following exercise and sale
Holdings of Shares following this notification
Angus McCoss
261,078
25,816
12,192
13,624
274,702
Note:
1. In addition to the above holding, Angus McCoss holds a total of 5,150 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 1,503 partnership shares, 1,503 matching shares and 2,144 unrestricted shares. 
The Company was informed of Mr McCoss' exercise on 10 February 2016 and the other transactions described above on 11 February 2016.
This notification is made in accordance with DTR 3.1.4R. 
Enquiries
Kevin Massie
Tullow Oil plc

This information is provided by RNS
The company news service from the London Stock Exchange
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