Dragon Oil PLC Awards under the 2014 LTIP (0557V)
October 22 2014 - 12:42PM
UK Regulatory
TIDMDGO
RNS Number : 0557V
Dragon Oil PLC
22 October 2014
Dragon Oil Plc
Awards under the 2014 Long Term Incentive Plan
On 22 October 2014, awards in the form of conditional share
awards over ordinary shares of EUR0.10 each in the capital of
Dragon Oil Plc ("Ordinary Shares") were made to certain persons
discharging managerial responsibilities ("PDMRs") under the Dragon
Oil Plc 2014 Long Term Incentive Plan (the "Award"). The maximum
number of Ordinary Shares which the PDMRs could potentially receive
in respect of his Award is as follows:
Name of PDMR Number of Ordinary Shares
--------------------------- --------------------------
Abdul Jaleel Al Khalifa 103,948
Hussain Al Ansari 52,056
Emad Buhulaigah 43,257
No consideration was paid for the grant of an Award and no
consideration will be payable for the exercise of an Award.
The vesting of an Award is subject to the satisfaction of
performance conditions set by the Remuneration Committee of Dragon
Oil Plc (the "Remuneration Committee"). An Award will normally vest
on the later of the third anniversary of grant and the
determination of the performance conditions, subject to continued
service. At the vesting of an Award, the Remuneration Committee may
issue and allot the relevant number of Ordinary Shares to the PDMR
or make a cash payment equivalent to the market value of such
Ordinary Shares. The cash payment would be equivalent to the
relevant number of Ordinary Shares times the mid-market price on
the official list of the London Stock Exchange of the Ordinary
Shares on the date of vesting of such Award. The figures above
represent the maximum numbers of Ordinary Shares that might be
issued and allotted to the PDMR and the actual number of Ordinary
Shares will depend on the extent to which the performance
conditions are satisfied.
The vesting of an Award is subject to the satisfaction of the
following performance conditions, with equal weighting at 25% of
the Award each, as set by the Remuneration Committee in respect of
a measurement period comprising the three financial years of the
Company beginning 1 January 2014:
-- Earnings Per Share (EPS) - the EPS for the Company's group
must be at least 126.3 US cents on an average over the performance
period basis over the performance period for 50% of this part of an
award to vest, rising up to 300% vesting if EPS is 153.7 US cents
or more;
-- Production - the average gross number of barrels of oil
produced per day by the Company's group must be at least 83,167
over the performance period for 50% of this part of an award to
vest, rising up to 300% vesting if production is 103,500 or
more;
-- Cost Efficiency - the average cost per barrel of oil produced
by the Company's group must be no more than US$5.00 over the
performance period for 50% of this part of an award to vest, rising
up to 300% vesting if the costs incurred are US$4.00 or less;
and
-- Reserves Replacement Ratio - the reserves replacement ratio
must be at least 50% measured over the performance period for 50%
of this part of an award to vest, rising up to 300% vesting if the
ratio is 127% or more.
Vesting between these points will be determined on a sliding
scale basis.
In addition, the vesting of an Award is subject to a performance
underpin which will require the Remuneration Committee to be
satisfied that vesting accurately reflects the Company's underlying
performance. The vesting of an Award can be scaled back
(potentially to zero) at the discretion of the Remuneration
Committee if the Remuneration Committee is not satisfied with such
performance, taking into account factors, including but not limited
to, such as the Company's group safety and environmental
records.
The Remuneration Committee may vary the performance conditions
applying to an Award if an event has occurred which causes the
Committee to consider that it would be appropriate to amend the
performance conditions. Such variations must be fair and reasonable
and the revised conditions not materially less challenging than the
original conditions would have been but for the event in
question.
The Company was informed of the above transactions on 22 October
2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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