RNS Number : 9555X
Tullow Oil PLC
30 June 2008
News release
Tullow Oil plc: Director share dealings
30 June 2008 - Tullow Oil plc (Tullow) announces the following share dealings undertaken
by certain Directors on 29 and 30 June 2008.
Performance Share Plan
On 29 and 30 June 2008, the first tranche of conditional share awards made to executive
directors under the Tullow Oil 2005 Performance
Share Plan ('PSP') vested in full following the Company's exceptional TSR performance over the
three year performance period. Details of the
awards that vested are set out in the table below. Aidan Heavey (Chief Executive), Tom Hickey
(Chief Financial Officer), Graham Martin
(General Counsel) and Paul McDade (Chief Operating officer) have sold part or all of the
number of shares that vested; the sales being made
partly to discharge tax obligations arising on vesting.
Executive Share Option Schemes
On 30 June 2008, in addition to selling some or all of the shares that vested under the
PSP, Aidan Heavey, Paul McDade and Graham Martin
simultaneously exercised options over a total of 4,168,656 shares granted to them under the
terms of either or both of the 1998 and 2000
Executive Share Option Schemes. Details of the number of options exercised are set out in the
table below. All three directors sold part or
all of the number of shares over which options were exercised; the sales being made partly to
discharge tax obligations arising on exercise.
Other sale
On 30 June 2008, Pat Plunkett (Chairman of the Board) sold 218,000 ordinary shares in
Tullow representing part of his personal holding
as shown in the table below.
The total number of shares sold as a result of the above transactions amounted to
4,842,714 shares, the shares being sold in all cases
at a price of 930p.
Name of Director Holding of ordinary PSP Shares Vested Options Exercised Total Shares
Sold Holding of ordinary
shares prior to 30
shares following
June '08
this
(weighted
notification
acquisition price
per share, where
relevant)
6,000,000 347,755 2,830,230
3,177,985 6,000,000
Aidan Heavey (83.2p)
104,513 213,877 Nil
183,877 134,513
Tom Hickey
1,102,005 213,877 988,426
952,303 1,352,005
Graham Martin (66.4p)
15,578 188,571 350,000
310,549 243,600
Paul McDade (86.6p)
1,229,326 Nil Nil
218,000 1,011,326
Pat Plunkett
Following the above dealings, there is no change to Aidan Heavey's shareholding in Tullow.
This announcement is made in accordance with DR 3.1.4R (1)(a)
The Company was informed by the Directors listed above of the above transactions on 30
June 2008.
For further information contact:
Tullow Oil plc Citigate Dewe Rogerson Murray Consultants
(+44 20 8996 (+44 20 7638 9571) (+353 1 498 0300)
1000) Martin Jackson Joe Murray
Aidan Heavey George Cazenove Ed Micheau
Tom Hickey
Chris Perry
Notes to Editors
Tullow is a leading independent oil & gas, exploration and production group, quoted on the
London and Irish Stock Exchanges (symbol:
TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 100
exploration and production licences across 23 countries
and focuses on four core areas: Europe, Africa, South Asia and South America.
Tullow's European interests are primarily focused on gas in the UK Southern North Sea
where it has significant interests in the
Caister-Murdoch System and the Thames-Hewett areas and operates over 70% of its production.The company also has interests offshore the
Netherlands and Portugal.
In Africa, Tullow has exploration and production in Gabon, C d'Ivoire, Mauritania and
Equatorial Guinea and two large appraisal and
development programmes in Ghana and Uganda. Tullow also has exploration interests in
Mauritania, Senegal, Congo (DRC), Tanzania, Madagascar,
Namibia and Angola.
In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and high
impact exploration activities in India.
In South America Tullow has high impact exploration interests in Trinidad and Tobago,
French Guiana and Suriname.
For further information please refer to our website at www.tullowoil.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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