TIDMGKP

RNS Number : 3661L

Gulf Keystone Petroleum Ltd.

29 April 2020

29 April 2020

Gulf Keystone Petroleum Limited (LSE: GKP)

("Gulf Keystone" or "the Company")

Long Term Incentive Plan ("LTIP") Award

Issue under the Deferred Bonus Plan ("DBP")

LTIP

Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Long Term Incentive Plan, on 28 April 2020 awards over Common Shares ("2020 Awards") were granted to staff and the persons discharging managerial responsibilities ("PDMRs") listed below.

The LTIP was approved by Gulf Keystone Petroleum Limited's shareholders at the Company's Annual General Meeting held on 17 July 2014; this is the third award to be made under the LTIP and is in accordance with the agreed annual issue cycle which follows release of the Company's full year results. The awards are made to eligible employees of the wider workforce, including to employees in Kurdistan.

The quantum of 2020 Awards was determined based on a price of 74.4p being the closing mid-market price of the Company on 27 April 2020. The vesting date for 2020 Awards is 28 April 2023, being the third anniversary from the award date. The 2020 Awards are in the form of nil cost options and vesting of them will be in accordance with performance conditions. No consideration is payable for the grant of an Award.

Performance Conditions

Vesting of the 2020 Awards is subject to both absolute and relative total shareholder return ("TSR") targets being met, each measure having a 50% weighting. TSR will be measured over the period of three years from the award 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 2020 Awards under the LTIP:

 
 Name                       Position                     Number of awards 
 Jane Barker                HR Director                      217,452 
                           ---------------------------  ----------------- 
 Stuart Catterall           Chief Operating Officer          419,355 
                           ---------------------------  ----------------- 
 Ross Deutscher             Country Manager Kurdistan        230,022 
                           ---------------------------  ----------------- 
 Nadzeya Kernoha            Head of Finance                  182,796 
                           ---------------------------  ----------------- 
 Gabriel Papineau-Legris    Chief Commercial Officer         328,495 
                           ---------------------------  ----------------- 
 Mark Parsley               Subsurface Manager               186,397 
                           ---------------------------  ----------------- 
                            Legal Director/Company 
 Alasdair Robinson           Secretary                       211,316 
                           ---------------------------  ----------------- 
 Ian Weatherdon             Chief Financial Officer          733,871 
                           ---------------------------  ----------------- 
 

In addition to the above, 2020 Awards over a total of 2,230,511 shares in aggregate have also been granted under the LTIP to eligible employees who are not PDMRs.

DBP

At the Company's AGM in June 2019, shareholders approved the DBP. This provides for 30% of the annual bonus attributable to executive directors to be paid in the form of nil cost options. These will vest after three years. There are no performance conditions other than the executive director must continue to be employed for this period (subject to certain limited exceptions). The award was made on 28 April 2020 and the vesting date is 28 April 2023, being the third anniversary from the award date. This the first issue under the DBP and the following award was granted.

 
 Name                Position    Number of awards 
 Jón Ferrier    CEO             113,407 
                    ----------  ----------------- 
 

Enquiries:

 
 
 Celicourt Communications:    + 44(0) 20 8434 2754 
 Mark Antelme 
  Jimmy Lea 
 

or visit: www.gulfkeystone.com

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                                                      Jón Ferrier 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           CEO 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 Deferred Bonus Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        113,407 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Jane Barker 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Human Resources Director 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        217,452 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Stuart Catterall 
     --------------------------------------------------------  ------------------------------------------------------- 
 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          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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        419,355 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Ross Deutscher 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Country Manager - Kurdistan 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        230,022 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Nadzeya Kernoha 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Head of Finance 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        182,796 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 Commercial 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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 nil        328,495 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Mark Parsley 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Subsurface Manager 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        186,397 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 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                                           Legal Director & Company Secretary 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        211,316 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Ian Weatherdon 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           CFO 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        733,871 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   28 April 2020 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 

Disclaimer

This announcement contains certain forward-looking statements. These statements are made by the Company's 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 uncertainties, including both economic and business factors, underlying such forward-looking information. 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.

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 rns@lseg.com or visit www.rns.com.

END

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April 29, 2020 09:51 ET (13:51 GMT)

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