TIDMGKP
RNS Number : 2289H
Gulf Keystone Petroleum Ltd.
05 April 2022
5 April 2022
Gulf Keystone Petroleum Limited (LSE: GKP)
("Gulf Keystone" or "the Company")
Long Term Incentive Plan ("LTIP") Award
Issue under the Deferred Bonus Plan ("DBP")
Director/PDMR Shareholdings
LTIP
Gulf Keystone Petroleum Limited announces that pursuant to the
2014 Gulf Keystone Long Term Incentive Plan, on 1 April 2022 (the
"Award Date") awards over common shares ("2022 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 fifth 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 2022 Awards was determined based on a price of
259p being the closing mid-market price of the Company on 30 March
2022. The vesting date for the 2022 Awards is 1 April 2025, being
the third anniversary from the Award Date. The 2022 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 2022 Awards is subject to performance conditions
which include the requirement for both absolute and relative total
shareholder return ("TSR") targets being met. 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 2022 Awards under the
LTIP:
Name Position Number of awards
Jon Harris Chief Executive Officer 339,768
-------------------------- -----------------
Ian Weatherdon Chief Financial Officer 210,811
-------------------------- -----------------
John Hulme Chief Operating Officer 121,622
-------------------------- -----------------
Gabriel Papineau-Legris Chief Commercial Officer 99,081
-------------------------- -----------------
Alasdair Robinson Chief Legal Officer 63,131
-------------------------- -----------------
Clare Kinahan Chief HR Officer 63,012
-------------------------- -----------------
In addition to the above, 2022 Awards over a total of 1,380,855
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 following awards were made on 1 April 2022 and the vesting
date is 25 February 2025, being the third anniversary from the
annual bonus payroll date.
Name Position Number of awards
Jon Harris Chief Executive Officer 60,962
------------------------- -----------------
Ian Weatherdon Chief Financial Officer 44,006
------------------------- -----------------
Director/PDMR Shareholdings
On 1 April 2022, the Company was informed of the following
transactions by persons discharging managerial responsibilities
("PDMR").
Mr Gabriel Papineau-Legris, Chief Commercial Officer, sold
74,175 common shares in Gulf Keystone Petroleum Limited on 31 March
2022 and 1 April 2022 at an average price of 241.46p per share.
Following the sales, Mr Papineau-Legris owns 100,000 common shares
in the Company representing 0.047% of the issued share capital.
This announcement contains inside information for the purposes
of the UK Market Abuse Regime.
Enquiries:
Gulf Keystone: +44 (0) 20 7514 1400
Aaron Clark, Head of Investor Relations aclark@gulfkeystone.com
Celicourt Communications: + 44(0) 20 8434 2754
Mark Antelme GKP@Celicourt.uk
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent
operator and producer in the Kurdistan Region of Iraq. Further
information on Gulf Keystone is available on its website
www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the risks and uncertainties associated with the
oil & gas exploration and production business. These statements
are made by the Company and its 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 risks and uncertainties, including both
economic and business factors and/or factors beyond the Company's
control or within the Company's control where, for example, the
Company decides on a change of plan or strategy. 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.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jon Harris
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive 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 339,768
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- -------------------------------------------------------
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 Chief Financial 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 210,811
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name John Hulme
-------------------------------------------------------- -------------------------------------------------------
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 121,622
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- -------------------------------------------------------
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 99,081
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- -------------------------------------------------------
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 Chief Legal 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 63,131
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Clare Kinahan
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief HR 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 63,012
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- -------------------------------------------------------
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 Chief Executive 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 Deferred Bonus Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 60,962
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- -------------------------------------------------------
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 Chief Financial 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 Deferred Bonus Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 44,006
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price Single transaction as in 4c) above.
Nil consideration
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- -------------------------------------------------------
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
instrument Petroleum Limited
Identification code
ISIN: BMG4209G2077
-------------------------------------------------------- ------------------------------------------------------
b) Nature of the transaction Sale
-------------------------------------------------------- ------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
243.35 10,000
-------------------------------------------------------- ------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 10,000
243.35
------------------------------------------------------------- ------------------------------------------------------
e) Date of the transaction 31 March 2022
-------------------------------------------------------- ------------------------------------------------------
f) Place of the transaction London Stock Exchange
-------------------------------------------------------- ------------------------------------------------------
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
instrument Petroleum Limited
Identification code
ISIN: BMG4209G2077
-------------------------------------------------------- ------------------------------------------------------
b) Nature of the transaction Sale
-------------------------------------------------------- ------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
240.00 20,000
238.50 20,000
244.32 24,175
-------------------------------------------------------- ------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 64,175
241.16
------------------------------------------------------------- ------------------------------------------------------
e) Date of the transaction 1 April 2022
-------------------------------------------------------- ------------------------------------------------------
f) Place of the transaction London Stock Exchange
-------------------------------------------------------- ------------------------------------------------------
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END
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