4 July 2024
Gulf Keystone Petroleum
Limited (LSE: GKP)
("Gulf
Keystone" or "the Company")
Long Term Incentive Plan
awards
Director/PDMR
Shareholdings
LTIP
Gulf Keystone announces that,
pursuant to the Gulf Keystone Petroleum 2024 Long Term Incentive
Plan ("LTIP"), on 1 July 2024 (the "Award Date") awards over common
shares ("2024 Awards") were granted to employees and
the persons discharging managerial responsibilities ("PDMRs")
listed below.
The LTIP was approved by the
Company's shareholders at the Company's Annual General Meeting held
on 21 June 2024, replacing the 2014 Long Term Incentive Plan. These
are the first awards to be made under the new plan and have been
made to eligible employees of the wider workforce, including to
employees in Kurdistan.
The quantum of 2024 Awards was
determined based on a price of 147.1p being the closing mid-market
price of the Company on 28 June 2024. The vesting date for the 2024
Awards is 1 July 2027 in respect of executive directors and 1 April
2027 in respect of other participants receiving performance awards.
Future awards are expected to be made following the announcement of
the Company's Full Year Results and will
have a vesting period of three years, in accordance with the agreed
provisions and annual issue cycle of the plan. The 2024 Awards are in the form of nil cost options and no
consideration is payable for the grant of an award. In respect
of PDMRs and senior management, vesting of them will be in
accordance with performance conditions.
Performance Conditions
Vesting of the 2024 Awards is
subject to performance conditions which include the requirement for
both absolute and relative total shareholder return ("TSR") targets
being met. For the 2024 Awards, TSR will be
measured over the three financial years of
the Company commencing in the year of the Grant
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 2024 Awards under the LTIP:
|
Name
|
Position
|
Number of awards
|
|
Jon Harris
|
Chief Executive Officer
|
639,021
|
|
Gabriel Papineau-Legris
|
Chief Financial Officer
|
356,900
|
|
John Hulme
|
Chief Operating Officer
|
222,705
|
|
Clare Kinahan
|
Chief HR Officer
|
145,615
|
|
Alasdair Robinson
|
Chief Legal Officer
|
144,847
|
Staff Awards
In addition to the above, a total of
2,080,928 awards in aggregate have also been granted to eligible
employees who are not PDMRs. For lower grade staff only, awards are
made on a time vested basis without performance conditions, and
will vest one third/one third/one third over three years subject to
certain conditions including continuation of employment. Of the
2,080,928 awards detailed above, 444,683 of these are time vested
awards.
Enquiries:
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 instrument
Identification code
|
Common shares of $1.00 each in Gulf
Keystone Petroleum Limited
ISIN: BMG4209G2077
|
|
b)
|
Nature of the transaction
|
Grant of nil cost award under the
Gulf Keystone Petroleum 2024 Long Term Incentive Plan
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
639,021
|
|
|
d)
|
Aggregated information
|
-
|
Aggregated volume
|
|
-
|
Price
|
|
Single transaction as in 4c)
above.
Nil consideration
|
|
e)
|
Date of the transaction
|
1 July 2024
|
|
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 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 instrument
Identification code
|
Common shares of $1.00 each in Gulf
Keystone Petroleum Limited
ISIN: BMG4209G2077
|
|
b)
|
Nature of the transaction
|
Grant of nil cost award under the
Gulf Keystone Petroleum 2024 Long Term Incentive Plan
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
nil
|
356,900
|
|
|
d)
|
Aggregated information
|
-
|
Aggregated volume
|
|
-
|
Price
|
|
Single transaction as in 4c)
above.
Nil consideration
|
|
e)
|
Date of the transaction
|
1 July 2024
|
|
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 instrument
Identification code
|
Common shares of $1.00 each in Gulf
Keystone Petroleum Limited
ISIN: BMG4209G2077
|
|
b)
|
Nature of the transaction
|
Grant of nil cost award under the
Gulf Keystone Petroleum 2024 Long Term Incentive Plan
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
222,705
|
|
|
d)
|
Aggregated information
|
-
|
Aggregated volume
|
|
-
|
Price
|
|
Single transaction as in 4c)
above.
Nil consideration
|
|
e)
|
Date of the transaction
|
1 July 2024
|
|
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 instrument
Identification code
|
Common shares of $1.00 each in Gulf
Keystone Petroleum Limited
ISIN: BMG4209G2077
|
|
b)
|
Nature of the transaction
|
Grant of nil cost award under the
Gulf Keystone Petroleum 2024 Long Term Incentive Plan
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
145,615
|
|
|
d)
|
Aggregated information
|
-
|
Aggregated volume
|
|
-
|
Price
|
|
Single transaction as in 4c)
above.
Nil consideration
|
|
e)
|
Date of the transaction
|
1 July 2024
|
|
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 instrument
Identification code
|
Common shares of $1.00 each in Gulf
Keystone Petroleum Limited
ISIN: BMG4209G2077
|
|
b)
|
Nature of the transaction
|
Grant of nil cost award under the
Gulf Keystone Petroleum 2024 Long Term Incentive Plan
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Nil
|
144,847
|
|
|
d)
|
Aggregated information
|
-
|
Aggregated volume
|
|
-
|
Price
|
|
Single transaction as in 4c)
above.
Nil consideration
|
|
e)
|
Date of the transaction
|
1 July 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|