Last checked at 11 Feb 2015 17:39
Tullow Oil plc ('Tullow' or 'the Company')
Director Dealings
Tullow announces that the following dealings in ordinary shares of £0.10 each in the capital of Tullow ('Shares') were undertaken by a director on the London Stock Exchange on 11 February 2015.
Performance Share Plan and Deferred Share Bonus Plan
Angus McCoss (Chief Exploration Officer) exercised 'nil cost' options over a total of 25,819 granted to him in 2012 pursuant to terms of the Tullow Oil Deferred Share Bonus Plan 2005 ('DSBP'). On the same date, Mr McCoss sold 12,166 Shares at £3.84724 per Share to discharge tax obligations arising on exercise of his options. The balance of 13,653 Shares retained by Mr McCoss will be pledged to UBS Private Banking as security for certain personal loans. Notwithstanding the pledging of such Shares, he remains the beneficial owner of such Shares.
Following these transactions, the number of Shares held by Angus McCoss increased as shown in the second table below.
Full details of the options exercised, the Shares sold and retained and the resultant shareholding of Mr McCoss are disclosed in the tables below.
Options exercised
Director | Plan | Grant date | No. of Shares over which options granted | No. of Shares vested | No. of Shares over which option exercised | Exercise price |
Angus McCoss | DSBP | 21/03/2012 | 25,819 | 25,819 | 25,819 | N/A
|
Shares sold/retained
Director | Holdings of Shares prior to 11 February 2015 | Total Shares acquired on exercise of options | Shares sold | Shares retained | Holdings of Shares following this notification |
Angus McCoss | 247,425 | 25,819 | 12,166 | 13,653 | 261,078
|
Notes:
1. In addition to the above holding, Angus McCoss holds a total of 3,464 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 795 partnership shares, 795 matching shares and 1,874 unrestricted shares.
This announcement is made in accordance with DTR 3.1.4R (1)(a).
The Company was informed by the Directors listed above of the above transactions on 11 February 2015.
Enquiries:
George Cazenove / Kevin Massie
Tullow Oil plc
+ 44 203 249 9000