Long Term Incentive Plan Award
1 April 2021
Gulf Keystone Petroleum Limited (LSE: GKP)
("Gulf Keystone" or "the Company")
Long Term Incentive Plan ("LTIP") Award
LTIP
Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Long Term Incentive Plan, on 1 April 2021 (the "Award Date") awards over common shares ("2021 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 fourth 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 2021 Awards was determined based on a price of 178.6p being the closing mid-market price of the Company on 31 March 2021. The vesting date for the 2021 Awards is 1 April 2024, being the third anniversary from the Award Date. The 2021 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 2021 Awards is subject to both absolute and relative total shareholder return ("TSR") targets being met, each measure having a 50% weighting. 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 2021 Awards under the LTIP:
|
Name |
Position | Number of awards |
| Jane Barker | HR Director | 90,585 |
| Stuart Catterall | Chief Operating Officer | 174,692 |
| Ross Deutscher | Country Manager Kurdistan | 86,294 |
| Jon Harris | Chief Executive Officer | 470,325 |
| Nadzeya Kernoha | Head of Finance | 76,148 |
| Gabriel Papineau-Legris | Chief Commercial Officer | 136,842 |
| Mark Parsley | Subsurface Manager | 79,201 |
| Alasdair Robinson | Legal Director/Company Secretary | 88,029 |
| Ian Weatherdon | Chief Financial Officer | 305,711 |
In addition to the above, 2021 Awards over a total of 1,244,147 shares in aggregate have also been granted under the LTIP to eligible employees who are not PDMRs.
Satisfaction of Exercised Awards
In anticipation of the potential exercise of existing vested but unexercised awards under the SRP and LTIP (2018 award), the Company has resolved to a) transfer the remaining 1,000,000 treasury shares as previously detailed to the Company's Employee Benefit Trust ("EBT") and b) issue 500,000 new common shares to be held by the trustee of the EBT (the "New Common Shares"). The shares issued will rank pari passu with the existing issued common shares. Application has been made to the Financial Conduct Authority for admission of the New Common Shares to the standard listing segment of the Official List and to the London Stock Exchange for admission to trading (together "Admission"). It is expected that Admission will become effective at 8.00 a.m. on or around 7 April 2021.
Following Admission of the New Common Shares, the Company's issued share capital will consist of 211,870,502 common shares with no further shares held in Treasury.
The above figure of 211,870,502 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Gulf Keystone under the FCA's Disclosure and Transparency Rules.
Enquiries:
|
Celicourt Communications: |
+ 44(0) 20 8434 2754 |
| Mark Antelme Jimmy Lea |
or visit: www.gulfkeystone.com
This announcement contains inside information for the purposes of the UK Market Abuse Regime.
|
1 |
Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Jane Barker | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Human Resources Director | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
|
1 |
Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Stuart Catterall | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
|
1 |
Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Ross Deutscher | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Country Manager - Kurdistan | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| 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 | CEO | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
|
1 |
Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Nadzeya Kernoha | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Head of Finance | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
|
1 |
Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Mark Parsley | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Subsurface Manager | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| 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 | Legal Director & Company Secretary | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| 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 | CFO | ||||
| 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 Identification code | Common shares of $1.00 each in Gulf Keystone Petroleum Limited 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) |
|
||||
| d) | Aggregated information
|
Single transaction as in 4c) above. Nil consideration |
||||
| e) | Date of the transaction | 1 April 2021 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
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