TIDMGKP
RNS Number : 3661L
Gulf Keystone Petroleum Ltd.
29 April 2020
29 April 2020
Gulf Keystone Petroleum Limited (LSE: GKP)
("Gulf Keystone" or "the Company")
Long Term Incentive Plan ("LTIP") Award
Issue under the Deferred Bonus Plan ("DBP")
LTIP
Gulf Keystone Petroleum Limited announces that pursuant to the
2014 Gulf Keystone Long Term Incentive Plan, on 28 April 2020
awards over Common Shares ("2020 Awards") were granted to staff 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 third 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 2020 Awards was determined based on a price of
74.4p being the closing mid-market price of the Company on 27 April
2020. The vesting date for 2020 Awards is 28 April 2023, being the
third anniversary from the award date. The 2020 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 2020 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 2020 Awards under the
LTIP:
Name Position Number of awards
Jane Barker HR Director 217,452
--------------------------- -----------------
Stuart Catterall Chief Operating Officer 419,355
--------------------------- -----------------
Ross Deutscher Country Manager Kurdistan 230,022
--------------------------- -----------------
Nadzeya Kernoha Head of Finance 182,796
--------------------------- -----------------
Gabriel Papineau-Legris Chief Commercial Officer 328,495
--------------------------- -----------------
Mark Parsley Subsurface Manager 186,397
--------------------------- -----------------
Legal Director/Company
Alasdair Robinson Secretary 211,316
--------------------------- -----------------
Ian Weatherdon Chief Financial Officer 733,871
--------------------------- -----------------
In addition to the above, 2020 Awards over a total of 2,230,511
shares in aggregate have also been granted under the LTIP to
eligible employees who are not PDMRs.
DBP
At the Company's AGM in June 2019, shareholders approved the
DBP. This provides for 30% of the annual bonus attributable to
executive directors to be paid in the form of nil cost options.
These will vest after three years. There are no performance
conditions other than the executive director must continue to be
employed for this period (subject to certain limited exceptions).
The award was made on 28 April 2020 and the vesting date is 28
April 2023, being the third anniversary from the award date. This
the first issue under the DBP and the following award was
granted.
Name Position Number of awards
Jón Ferrier CEO 113,407
---------- -----------------
Enquiries:
Celicourt Communications: + 44(0) 20 8434 2754
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
The information set out below is provided in accordance with the
requirements of Article 19(3) of the EU Market Abuse Regulation No
596/2014.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jón Ferrier
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code ISIN: BMG4209G2077
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of nil cost award under the Deferred Bonus Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 113,407
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code 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) Price(s) Volume(s)
Nil 217,452
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code 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) Price(s) Volume(s)
Nil 419,355
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code 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) Price(s) Volume(s)
Nil 230,022
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code 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) Price(s) Volume(s)
Nil 182,796
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code
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) Price(s) Volume(s)
nil 328,495
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code 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) Price(s) Volume(s)
Nil 186,397
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code 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) Price(s) Volume(s)
Nil 211,316
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
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 Common shares of $1.00 each in Gulf Keystone Petroleum
instrument Limited
Identification code 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) Price(s) Volume(s)
Nil 733,871
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 28 April 2020
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's Directors in good faith
based on the information available to them up to the time of their
approval of this announcement but such statements should be treated
with caution due to inherent uncertainties, including both economic
and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. This announcement
should not be relied on by any other party or for any other
purpose.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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