1st Aug 2013 18:18
Tullow Oil plc ('Tullow' or 'the Company')
Directors' Dealings
Tullow announces that the following dealings in ordinary shares of £0.10 each in the capital of Tullow ('Shares') were undertaken by certain directors on the London Stock Exchange on 1 August 2013.
Executive Share Option Scheme
Graham Martin (General Counsel) exercised options over a total of 400,000 Shares that had been granted to him in 2003 under the terms of the Tullow Oil 2000 Executive Share Option Scheme ('ESOS'). On the same date, Mr Martin sold 187,454 Shares at £10.4585 per Share to meet the cost of exercising such options and to discharge tax obligations arising therefrom. The balance of Shares acquired on exercise of these options has been retained by Mr Martin.
Performance Share Plan and Deferred Share Bonus Plan
Aidan Heavey (Chief Executive Officer) and Angus McCoss (Exploration Director) exercised 'nil cost' options over a total of 447,248 and 171,328 Shares respectively that had been granted to them in 2008, 2009 and 2010 pursuant to the terms of the Tullow Oil 2005 Performance Share Plan ('PSP') and the Tullow Oil Deferred Share Bonus Plan 2005 ('DSBP'). On the same date, Aidan Heavey sold 447,248 Shares at £10.4585 per Share, some of which were to discharge tax obligations arising on exercise of his options, and Angus McCoss sold 80,727 Shares at £10.4585 per Share to discharge tax obligations arising on exercise of his options. The balance of 90,601 Shares retained by Angus McCoss will be pledged to UBS Private Banking as security for certain personal loans. Notwithstanding the pledging of such Shares, he remains the beneficial owner of such Shares.
Following these transactions, the number of Shares held by Aidan Heavey remains unchanged and the number of Shares held by Graham Martin and Angus McCoss have increased as shown in the second table below.
Full details of the options exercised, the Shares sold and retained and the resultant shareholdings of the directors are disclosed in the tables below.
Options exercised
Director | Plan | Grant date | No. of Shares over which options granted | No. of Shares vested | No. of Shares over which option exercised | Exercise price |
Graham Martin | ESOS | 06/10/03 | 400,000 | 400,000 | 400,000 | 85p |
Aidan Heavey | PSP | 15/05/08 18/03/09 17/03/10 | 141,939 173,916 106,496 | 141,939 173,916 24,707 | 141,939 173,916 24,707 | N/A N/A N/A |
DSBP | 13/03/08 18/03/09 17/03/10 | 28,328 50,169 28,189 | 28,328 50,169 28,189 | 28,328 50,169 28,189 | N/A N/A N/A | |
Angus McCoss | PSP | 18/03/09 17/03/10 | 98,355 60,227 | 98,355 13,972 | 98,355 13,972 | N/A N/A |
DSBP | 13/03/08 18/03/09 17/03/10 | 14,686 28,374 15,941 | 14,686 28,374 15,941 | 14,686 28,374 15,941 | N/A N/A N/A |
Shares sold/retained
Director | Holdings of Shares prior to 1 August 2013 | Total Shares acquired on exercise of options | Shares sold | Shares retained | Holdings of Shares following this notification |
Graham Martin | 1,702,766 | 400,000 | 187,454 | 212,546 | 1,915,312 |
Aidan Heavey | 6,401,511 | 447,248 | 447,248 | - | 6,401,511 |
Angus McCoss | 150,845 | 171,328 | 80,727 | 90,601 | 241,446 |
Notes:
1. In addition to the above holding, Graham Martin holds a total of 7,702 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 710 partnership shares, 710 matching shares and 6,282 unrestricted shares.
2. In addition to the above holding Angus McCoss holds a total of 2,732 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 710 partnership shares, 710 matching shares and 1,312 unrestricted shares.
This announcement is made in accordance with DTR 3.1.4R (1)(a).
The Company was informed by the Directors listed above of the above transactions on 1 August 2013.
Enquiries:
George Cazenove
Tullow Oil plc
+ 44 203 249 9385
Related Shares:
Tullow Oil