Trinity Exploration & Production Grant under the Long-Term Incentive Plan (6964Y)

TIDMTRIN

RNS Number : 6964Y

Trinity Exploration & Production

10 May 2019

RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Trinity Exploration & Production plc

("Trinity" or "the Group" or "the Company")

Director/PDMR shareholding

Grant under the Long-Term Incentive Plan

Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, announces that on 9 May 2019 the Company issued awards under its Long-Term Incentive Plan ("LTIP").

These awards have been made in accordance with the policy announced to the market on 25 August 2017 and have been made to certain individuals within the Company in respect of the performance of the Company as at the end of the financial year ended 31 December 2018.

As a result, the Company announces the grant of Options over 3,832,824 ordinary shares (representing 1 per cent of the Company's issued share capital) under the LTIP on 9 May 2019, including the awards to Executive Directors shown in the table below.

 
 Name                    Position              NUMBER OF ORDINARY SHARES 
                                                SUBJECT TO THE OPTION 
 Bruce Dingwall          Executive Chairman    991,685 
                        ====================  ========================== 
                         Chief Financial 
 Jeremy Bridglalsingh     Officer              661,124 
                        ====================  ========================== 
 

The above Options will vest on 2 January 2022, subject to meeting the performance criteria set and continued employment in the Company, the Options are exercisable at nil cost by the participants.

The LTIP Awards are subject to the achievement of relative Total Shareholder Return ("TSR") performance targets measured over a three-year performance period ending on 31 December 2021. The amounts shown above represent the maximum possible opportunity.

TSR is the increase in share price plus the value of any dividends paid over a period of time and captures the full return shareholders see on an investment. Relative TSR is the comparison of these returns against peer companies over a set period of time. For Trinity, the performance will be assessed over a three year period.

The Relative TSR ranking will be determined by calculating the three month average TSR to the end of the performance period and dividing this by the three month average TSR to the beginning of the performance period for all companies in the agreed comparator group. Companies will be ranked on this basis with the highest performing company ranked first. The share price used to calculate the start of the TSR calculation in respect of these awards is based on the three month average TSR leading into 2 January 2019, being 14.66p.

The amount of the award which will vest at the end of the three year period is based on performance against a comparator group. Threshold vesting occurs when Trinity is ranked at median against the comparator group and maximum vesting occurs when Trinity is ranked at upper quartile (or above). The table below shows the level of vesting at threshold and maximum:

Vesting occurs on a straight line basis between threshold and maximum.

 
 Performance                         Vesting 
 Below the Median                    None of the award will vest 
                                    ------------------------------- 
 Median (50(th) percentile)          30% of the maximum award will 
                                      vest 
                                    ------------------------------- 
 Between Median and Upper Quartile   Straight Line basis between 
                                      these points 
                                    ------------------------------- 
 Upper Quartile (75%)                100% of the maximum award will 
                                      vest. 
                                    ------------------------------- 
 Above the Upper Quartile            100% of the maximum award will 
                                      vest 
                                    ------------------------------- 
 

The comparator group has been created using the following filters:

Sector: FTSE AIM All Share Oil & Gas constituents

Size: Market capitalisation of between GBP20 million - GBP400 million

Further relevance filter: Exploration & Production operations, excluding Oil equipment and services and Alternative energy

These filters create a comparator group which excludes larger companies that may be expected to be on the main list and micro explorers that can show extreme volatility and which can be numerous at certain points in the business cycle. For 2018, the market cap range of GBP20m-GBP400m has been deemed appropriate, but the Remuneration Committee will review the appropriate range for each new LTIP grant.

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Bruce Dingwall 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Executive Chairman 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Initial notification/Amendment                            Initial notification 
     --------------------------------------------------------  ------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                      Trinity Exploration & Production plc 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   LEI 
                                                                  213800WHW7571LAEDG63 
     --------------------------------------------------------  ------------------------------------------------------- 
 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          Ordinary shares of USD 0.01 per share par value 
      instrument 
 
      Identification code 
                                                                 GB00B8JG4R91 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Nature of the transaction                                 Grant of Options under the Trinity Exploration & 
                                                                Production plc Long-Term Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                     Price(s)    Volume(s) 
                                                                   Nil         991,685 
                                                                              ---------- 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                  991,685 ordinary shares of USD 0.01 per share par 
                                                                 value 
 
                                                                 Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   9 May 2019 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Jeremy Bridglalsingh 
     --------------------------------------------------------  ------------------------------------------------------- 
 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                                                      Trinity Exploration & Production plc 

     --------------------------------------------------------  ------------------------------------------------------- 
 b)   LEI 
                                                                  213800WHW7571LAEDG63 
     --------------------------------------------------------  ------------------------------------------------------- 
 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          Ordinary shares of USD 0.01 per share par value 
      instrument 
 
      Identification code 
                                                                 GB00B8JG4R91 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Nature of the transaction                                 Grant of Options under the Trinity Exploration & 
                                                                Production plc Long-Term Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                     Price(s)    Volume(s) 
                                                                   Nil         661,124 
                                                                              ---------- 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                  661,124 ordinary shares of USD 0.01 per share par 
                                                                 value 
 
                                                                 Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   9 May 2019 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 

Enquiries

For further information please visit www.trinityexploration.com or contact:

 
 Trinity Exploration & Production plc                        [phone] 
 Bruce Dingwall CBE, Executive Chairman 
  Jeremy Bridglalsingh, Chief Financial 
  Officer 
  Tracy Mackenzie, Corporate Development 
  Manager 
 
 SPARK Advisory Partners Limited (Nominated 
  Adviser and Financial Adviser)                             [phone] 
 Mark Brady 
  Miriam Greenwood 
  Andrew Emmott 
 
 Cenkos Securities PLC (Broker) 
 Joe Nally (Corporate Broking) 
  Neil McDonald 
  Beth McKiernan 
  Derrick Lee                                                [phone] 
  Pete Lynch                                                 [phone] 
 
 Whitman Howard Limited (Equity Adviser)                     [phone] 
 Nick Lovering 
  Hugh Rich 
 
 Walbrook PR Limited                                         [phone] 
 Nick Rome                                     [e-mail] 
 

About Trinity (www.trinityexploration.com)

Trinity is an independent oil and gas exploration and production company focused solely on Trinidad and Tobago. Trinity operates producing and development assets both onshore and offshore, in the shallow water West and East Coasts of Trinidad. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth. The Company operates all of its nine licences and, across all of the Group's assets, management's estimate of 2P reserves as at the end of 2018 was 24.5 mmbbls. Group 2C contingent resources are estimated to be 18.8 mmbbls. The Group's overall 2P plus 2C volumes are therefore 43.3 mmbbls.

Trinity is quoted on the AIM market of the London Stock Exchange under the ticker TRIN.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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May 10, 2019 06:59 ET (10:59 GMT)