TIDMGKP

RNS Number : 3558U

Gulf Keystone Petroleum Ltd.

01 April 2021

1 April 2021

Gulf Keystone Petroleum Limited (LSE: GKP)

("Gulf Keystone" or "the Company")

Long Term Incentive Plan ("LTIP") Award

LTIP

Gulf Keystone Petroleum Limited announces that pursuant to the 2014 Gulf Keystone Long Term Incentive Plan, on 1 April 2021 (the "Award Date") awards over common shares ("2021 Awards") were granted to employees 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 fourth 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 2021 Awards was determined based on a price of 178.6p being the closing mid-market price of the Company on 31 March 2021. The vesting date for the 2021 Awards is 1 April 2024, being the third anniversary from the Award Date. The 2021 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 2021 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 2021 Awards under the LTIP:

 
 Name                       Position                     Number of awards 
 Jane Barker                HR Director                       90,585 
                           ---------------------------  ----------------- 
 Stuart Catterall           Chief Operating Officer          174,692 
                           ---------------------------  ----------------- 
 Ross Deutscher             Country Manager Kurdistan         86,294 
                           ---------------------------  ----------------- 
 Jon Harris                 Chief Executive Officer          470,325 
                           ---------------------------  ----------------- 
 Nadzeya Kernoha            Head of Finance                   76,148 
                           ---------------------------  ----------------- 
 Gabriel Papineau-Legris    Chief Commercial Officer         136,842 
                           ---------------------------  ----------------- 
 Mark Parsley               Subsurface Manager                79,201 
                           ---------------------------  ----------------- 
                            Legal Director/Company 
 Alasdair Robinson           Secretary                        88,029 
                           ---------------------------  ----------------- 
 Ian Weatherdon             Chief Financial Officer          305,711 
                           ---------------------------  ----------------- 
 

In addition to the above, 2021 Awards over a total of 1,244,147 shares in aggregate have also been granted under the LTIP to eligible employees who are not PDMRs.

Satisfaction of Exercised Awards

In anticipation of the potential exercise of existing vested but unexercised awards under the SRP and LTIP (2018 award), the Company has resolved to a) transfer the remaining 1,000,000 treasury shares as previously detailed to the Company's Employee Benefit Trust ("EBT") and b) issue 500,000 new common shares to be held by the trustee of the EBT (the "New Common Shares"). The shares issued will rank pari passu with the existing issued common shares. Application has been made to the Financial Conduct Authority for admission of the New Common Shares to the standard listing segment of the Official List and to the London Stock Exchange for admission to trading (together "Admission"). It is expected that Admission will become effective at 8.00 a.m. on or around 7 April 2021.

Following Admission of the New Common Shares , the Company's issued share capital will consist of 211,870,502 common shares with no further shares held in Treasury.

The above figure of 211,870,502 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Gulf Keystone under the FCA's Disclosure and Transparency Rules.

Enquiries:

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

or visit: www.gulfkeystone.com

This announcement contains inside information for the purposes of the UK Market Abuse Regime.

 
 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        90,585 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 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        174,692 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 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        86,294 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Jon Harris 
     --------------------------------------------------------  ------------------------------------------------------- 
 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 2014 Long Term 
                                                                Incentive Plan 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                    Price(s)   Volume(s) 
                                                                 Nil        470,325 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 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        76,148 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 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        136,842 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 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        79,201 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 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        88,029 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 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        305,711 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   Single transaction as in 4c) above. 
 
                                                                  Nil consideration 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1 April 2021 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  Outside a trading venue 
     --------------------------------------------------------  ------------------------------------------------------- 
 

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END

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April 01, 2021 08:35 ET (12:35 GMT)

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