Director share dealings
30/06/2008
30 June 2008 – Tullow Oil plc (Tullow) announces the following share dealings undertaken by certain Directors on 29 and 30 June 2008.
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 30 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) |
3,177,985 | 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 |
| Pat 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.
For further information contact:
| Tullow Oil plc (+44 20 8996 1000) Aidan Heavey Tom Hickey Chris Perry |
Citigate Dewe Rogerson (+44 20 7638 9571) Martin Jackson George Cazenove |
Murray Consultants (+353 1 498 0300) Joe Murray Ed Micheau |
Notes to Editors
Tullow is a leading independent oil & gas, exploration and
production group, quoted on the London and Irish Stock Exchanges
(symbol: TLW) and is a constituent of the FTSE 100 Index. The Group
has interests in over 100 exploration and production licences
across 23 countries and focuses on four core areas: Europe, Africa,
South Asia and South America.
Tullow’s European interests are primarily focused on gas in the UK Southern North Sea where it has significant interests in the Caister-Murdoch System and the Thames-Hewett areas and operates over 70% of its production. The company also has interests offshore the Netherlands and Portugal.
In Africa, Tullow has exploration and production in Gabon, Côte d'Ivoire, Mauritania and Equatorial Guinea and two large appraisal and development programmes in Ghana and Uganda. Tullow also has exploration interests in Mauritania, Senegal, Congo (DRC), Tanzania, Madagascar, Namibia and Angola.
In South Asia, Tullow has exploration and production in Pakistan and Bangladesh and high impact exploration activities in India.
In South America Tullow has high impact exploration interests in Trinidad and Tobago, French Guiana and Suriname.
For further information please refer to our website at www.tullowoil.com
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