Performance Share Plan
On 29 and 30 June 2008, the first tranche of conditional share awards made to executive directors under the Tullow Oil 2005 Performance Share Plan (’PSP’) vested in full following the Company’s exceptional TSR performance over the three year performance period. Details of the awards that vested are set out in the table below. Aidan Heavey (Chief Executive), Tom Hickey (Chief Financial Officer), Graham Martin (General Counsel) and Paul McDade (Chief Operating officer) have sold part or all of the number of shares that vested; the sales being made partly to discharge tax obligations arising on vesting.
Executive Share Option Schemes
On 30 June 2008, in addition to selling some or all of the shares that vested under the PSP, Aidan Heavey, Paul McDade and Graham Martin simultaneously exercised options over a total of 4,168,656 shares granted to them under the terms of either or both of the 1998 and 2000 Executive Share Option Schemes. Details of the number of options exercised are set out in the table below. All three directors sold part or all of the number of shares over which options were exercised; the sales being made partly to discharge tax obligations arising on exercise.
Other sale
On 30 June 2008, Pat Plunkett (Chairman of the Board) sold 218,000 ordinary shares in Tullow representing part of his personal holding as shown in the table below.
The total number of shares sold as a result of the above transactions amounted to 4,842,714 shares, the shares being sold in all cases at a price of 930p.
Name of Director | Holding of ordinary shares prior to 0 June '08 | PSP Shares Vested | Options Exercised (weighted acquisition price per share, where relevant) | Total Shares Sold | Holding of ordinary shares following this notification |
|---|---|---|---|---|---|
Aidan Heavey | 6,000,000 | 347,755 | 2,830,230 (83.2p) | 3,187,985 | 6,000,000 |
Tom Hickey | 104,513 | 213,877 | Nil | 183,877 | 134,513 |
Graham Martin | 1,102,005 | 213,877 | 988,426 (66.4p) | 952,303 | 1,352,005 |
Paul McDade | 15,578 | 188,571 | 350,000 (86.6p) | 310,549 | 243,600 |
Paul Plunkett | 1,229,326 | Nil | Nil | 218,000 | 1,011,326 |
Following the above dealings, there is no change to Aidan Heavey’s shareholding in Tullow.
This announcement is made in accordance with DR 3.1.4R (1)(a)
The Company was informed by the Directors listed above of the above transactions on 30 June 2008.
Contacts
Tullow Investor Relations | Camarco (Media) |
|---|---|
Matthew Evans | (+44 20 3757 4980) Billy Clegg |
Notes to editors
Tullow is an independent energy company that is building a better future through responsible oil and gas development in Africa. Tullow's operations are focused on its core producing assets in Ghana. Tullow is committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030, with a Shared Prosperity strategy that delivers lasting socio-economic benefits for its host nations. The Group is quoted on the London and Ghanaian stock exchanges (symbol: TLW). For further information, please refer to: www.tullowoil.com.
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