5th Jan 2010 15:02
Tullow Oil plc 5 January 2010
Directors' share dealings
Tullow Oil plc announces that the conditional share awards granted in January 2007 under the Tullow Oil 2005 Deferred Share Bonus Plan ('DSBP") vested on 4 January 2010.
Furthermore, in accordance with the DSBP rules, sufficient of the shares acquired by theexecutive directors named below were automatically sold (on their behalf by the trustees of the Company's employee benefit trust) on 4 January 2010 to discharge tax withholdingobligations arising on vesting. Details of the awards that vested and the share sales are set out in the table below:
|
Name of Director |
Holding of ordinary shares prior to DSBP vesting date |
DSBP shares vested |
Shares sold |
Holding of ordinary shares following this notification* |
|
Aidan Heavey (CEO) |
6,240,500 |
42,714 |
17,548 |
6,265,666 |
|
Graham Martin(General Counsel) |
1,435,687 |
25,126 |
10,323 |
1,450,490 |
|
Paul McDade (Chief Operating Officer) |
203,181 |
7,260 |
2,983 |
207,458 |
* Excludes shares purchased and awarded under the terms of the Tullow Oil UK Share Incentive Plan.
Under this Plan, the Plan trustee holds a total of 6,778 shares for each of Messrs Martin and McDade.
The total number of shares sold resulting from the above transactions amounted to 30,854 shares, the shares being sold at a price of £13.1777.
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 5 January 2010.
For further information contact:
Graham Martin
Tullow Oil plc
+44 208 996 1000
Related Shares:
Tullow Oil