DNX Dana Petroleum

 

TIDMDNX 
 
RNS Number : 3936T 
Dana Petroleum PLC 
27 September 2010 
 

Dana Petroleum plc (the "Company") 
 
Release of Awards to Executive Directors under the LTIP 
 
Dana Petroleum plc reports the release of share awards granted under the Dana 
Petroleum plc 2006 Long-Term Incentive Plan (the "LTIP") following the effective 
change of control of the Company on Friday 24th September 2010. 
 
In accordance with the rules of the LTIP the number of shares which can be 
released is based on the proportionate satisfaction of the performance 
conditions relating to the Company's return on capital employed (ROCE) and total 
shareholder return (TSR) performance measured against a selected comparator 
group.  Performance has been measured over the period from the date of grant to 
the effective date of change of control for each outstanding LTIP Award and the 
number of shares which can be released determined. 
 
Based on the Company's proportionate satisfaction of the performance conditions, 
the following numbers of ordinary shares have been released to the Executive 
Directors of the Company on 24th September 2010 at a price of 1800 pence per 
ordinary share: 
 
+------------+-----------+-----------+-----------+-------------+ 
| Executive  |   LTIP    |   LTIP    |   LTIP    |    Total    | 
|  Director  |  Award    |  Award    |  Award    |  Number of  | 
|            |  granted  |  granted  |  granted  |  Ordinary   | 
|            |  on 14    |   on 8    |  on 29    |   Shares    | 
|            | November  |  October  |  January  |             | 
|            |   2007    |   2008    |   2010    |             | 
+------------+-----------+-----------+-----------+-------------+ 
|  T Cross   |  146,884  |  294,848  |  273,747  |  715,479    | 
+------------+-----------+-----------+-----------+-------------+ 
|     D      |  42,262   |  66,522   |  61,762   |  170,546    | 
|MacFarlane  |           |           |           |             | 
+------------+-----------+-----------+-----------+-------------+ 
|  S Paton   |  27,478   |  62,230   |  57,777   |  147,485    | 
+------------+-----------+-----------+-----------+-------------+ 
 
For LTIP Awards granted on 14 November 2007 and 8 October 2008 in the form of 
conditional share awards or restricted shares release constitutes the transfer 
of the unrestricted legal and beneficial ownership of ordinary shares.  For 
those LTIP Awards granted on 29th January 2010 in the form of nil-cost options, 
release means that the Executive Directors are permitted to exercise the options 
and acquire the ordinary shares during such period as determined by the Board. 
 
In addition, Dana Petroleum plc announces that  the unrestricted legal and 
beneficial ownership of the following numbers of ordinary shares awarded under 
the Dana Petroleum plc Annual Incentive Plan on 29th March 2010 have been 
transferred to the Executive Directors of the Company on 24th September 2010: 
 
+------------+-----------+ 
| Executive  |AIP Award  | 
|  Director  |  granted  | 
|            |  on 29    | 
|            |  March    | 
|            |   2010    | 
+------------+-----------+ 
|  T Cross   |  21,800   | 
+------------+-----------+ 
|     D      |  6,558    | 
|MacFarlane  |           | 
+------------+-----------+ 
|  S Paton   |  6,135    | 
+------------+-----------+ 
 
27 September 2010 
 
Enquiries 
 
+----------------------------------+----------------------------------+ 
| Dana Petroleum plc               | 01224 652 400                    | 
+----------------------------------+----------------------------------+ 
| John Arnton, Company Secretary   |                                  | 
+----------------------------------+----------------------------------+ 
|                                  |                                  | 
+----------------------------------+----------------------------------+ 
| College Hill Associates          | 020 7457 2020                    | 
+----------------------------------+----------------------------------+ 
| Nick Elwes                       |                                  | 
+----------------------------------+----------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 RDSPGUBUBUPUGMM 
 

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