Rockhopper Exploration plc Grant of Options (4236W)

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RNS Number : 4236W

Rockhopper Exploration plc

26 April 2016

26 April 2016

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Grant of options under Long Term Incentive Plan

Rockhopper Exploration plc announces that, on 22 April 2016, awards of options were made to certain Directors under the Company's Long Term Incentive Plan ("LTIP") which has been operated annually since its approval by shareholders at the 2013 Annual General Meeting.

The awards are structured as nil-cost options and, subject to the achievement of performance conditions, will normally vest on 31 March 2019 subject to each director's continued employment.

The percentage of awards which will vest will be dependent on:

1. Total shareholder return ('TSR') measured against a peer group of 18 companies over a three year period; and

2. TSR measured against a peer group of 18 companies over a three year period and conditional on the Company having taken a Final Investment Decision on the Sea Lion Development by 31 December 2017

Awards will vest on a sliding scale from 35% for median performance to 100% for top performance. No awards will vest for performance below median.

TSR performance measurement for these awards will be based on the Company's average share price over the 90 day dealing period to 31 March 2016 measured against the 90 day dealing period to 31 March 2019. Once vested the awards will normally remain exercisable for a period of seven years subject to the rules of the LTIP regarding leavers.

Details of the award are as follows:

 
  Name               Number          Number             Number              Maximum 
                      of options      of options         of shares           number 
                      subject         subject            that would          of shares 
                      to TSR          to TSR             vest for            that could 
                      performance     and additional     TSR performance     vest subject 
                      condition       performance        at median           to achievement 
                      (see 1          condition                              of performance 
                      above)          (see 2                                 conditions 
                                      above) 
-----------------  --------------  -----------------  ------------------  ----------------- 
  Sam Moody 
   (CEO)             1,738,080       579,360            608,328             2,317,440 
-----------------  --------------  -----------------  ------------------  ----------------- 
  Fiona MacAulay 
   (COO)             1,525,200       508,400            533,820             2,033,600 
-----------------  --------------  -----------------  ------------------  ----------------- 
  Stewart 
   MacDonald 
   (CFO)             1,425,600       475,200            498,960             1,900,800 
-----------------  --------------  -----------------  ------------------  ----------------- 
 

The LTIP is operated in respect of each financial year at the discretion of the Company's Remuneration Committee. A summary of the LTIP is included in the 2013 AGM notice and the 2015 Annual Report which can be found on the Company's website.

For further information, please contact:

Rockhopper Exploration plc

Tel: (via Vigo Communications) - 020 7830 9700

Sam Moody - Chief Executive

Fiona MacAulay - Chief Operating Officer

Stewart MacDonald - Chief Financial Officer

Canaccord Genuity Limited (NOMAD and Joint Broker)

Tel: [phone]

Henry Fitzgerald-O'Connor

Liberum Capital (Joint Broker)

Tel: [phone]

Clayton Bush

Neil Elliot

Vigo Communications

Tel: [phone]

Patrick d'Ancona

Ben Simons

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 26, 2016 12:23 ET (16:23 GMT)