Gulf Keystone Petroleum Ltd. 2016 Value Creation Plan (1520O)

TIDMGKP

RNS Number : 1520O

Gulf Keystone Petroleum Ltd.

15 May 2018

Gulf Keystone Petroleum Limited (LSE: GKP)

("Gulf Keystone" or the "Company")

2016 Value Creation Plan

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons in accordance with MAR 19(3).

The Company announces that on 14 May 2018 the following Nil Cost Options to acquire common shares of $1.00 each ("Shares") under the Gulf Keystone Petroleum Limited 2016 Value Creation Plan (the "VCP") have been granted to the following persons discharging managerial responsibilities ("PDMRs"). This grant is pursuant to and in accordance with the terms and conditions of the Conditional Awards made to them under the VCP on 12 December 2016:-

 
 PDMR                Position           Number of Shares 
                                         over which Nil 
                                         Cost Option was 
                                         granted* 
------------------  -----------------  ----------------- 
                     Chief Executive 
 Jón Ferrier     Officer           1,681,839 
------------------  -----------------  ----------------- 
                     Chief Financial 
 Sami Zouari          Officer           1,681,839 
------------------  -----------------  ----------------- 
 

*The number of Shares over which the Nil Cost Option was granted has been calculated by reference to the 30-day average share price following the announcement of the Company's results for the financial year ending on 31 December 2017 of $2.346(GBP1.693) (rounded to three decimal places).

The Nil Cost Option is subject to the rules of the VCP and will normally vest depending on performance against Total Shareholder Return targets. As defined under the rules of the VCP, up to 50% of the number of Shares granted under the Nil Cost Option will normally vest following the Measurement Date for the financial year ending on 31 December 2019, 50% of the remainder of the number of Shares granted under the Nil Cost Option will normally vest following the Measurement Date for the financial year ending on 31 December 2020 with up to the remainder of the number of Shares granted under the Nil Cost Option vesting following the Measurement Date for the financial year ending on 31 December 2021.

The last date for exercise shall normally be the tenth anniversary of the Conditional Award date (12 December 2016). No dividend or dividend equivalents are payable in respect of the Nil Cost Option in accordance with the rules of the VCP.

The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation:

 
 1    Details of the person discharging managerial responsibilities/person closely associated 
---  ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                      Jón Ferrier 
---  --------------------------------------------------------  ------------------------------------------------------- 
 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 Gulf Keystone 
                                                                Petroleum Limited 2016 Value Creation Plan 
---  --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 nil        1,681,839 
---  --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   1,681,839 
                                                                  Nil 
---  --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   14 May 2018 
---  --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
---  --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
---  ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                      Sami Zouari 
---  --------------------------------------------------------  ------------------------------------------------------- 
 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 Gulf Keystone 
                                                                Petroleum Limited 2016 Value Creation Plan 
---  --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 nil        1,681,839 
---  --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   1,681,839 
                                                                  Nil consideration 
---  --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   14 May 2018 
---  --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 

---  --------------------------------------------------------  ------------------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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May 15, 2018 07:33 ET (11:33 GMT)