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04.04.2025 08:00:13

Long Term Incentive Plan (“LTIP”) Award

Gulf Keystone Petroleum Ltd (GKP)
Long Term Incentive Plan (“LTIP”) Award

04-Apr-2025 / 07:00 GMT/BST


 

4 April 2025

 

 

Gulf Keystone Petroleum Ltd. (LSE: GKP)

(“Gulf Keystone”, “GKP” or “the Company”)

 

Long Term Incentive Plan (“LTIP”) Award

Director/PDMR Shareholdings

 

 

LTIP

 

Gulf Keystone announces that, pursuant to the Gulf Keystone Petroleum 2024 Long Term Incentive Plan (“LTIP”), on 1 April 2025 (the “Award Date”) awards over common shares (“2025 Awards”) were granted to employees and the persons discharging managerial responsibilities ("PDMRs") listed below.

 

The LTIP was approved by the Company’s shareholders at the Company's Annual General Meeting held on 21 June 2024, replacing the 2014 Long Term Incentive Plan. These are the second awards to be made under the new plan and are in accordance with the agreed annual issue cycle which follows release of the Company’s full year results. The awards have been made to eligible employees of the wider workforce, including to employees in Kurdistan.

 

The quantum of 2025 Awards was determined based on a price of 193.9p being the closing mid-market price of the Company on 31 March 2025. The vesting date for the 2025 Awards is 1 April 2028, being the third anniversary from the Award Date. The 2025 Awards are in the form of nil cost options and no consideration is payable for the grant of an award. 

 

Performance Conditions

 

Vesting of the 2025 Awards is subject to performance conditions which include the requirement for both absolute and relative total shareholder return (“TSR”) targets being met. For the 2025 Awards, TSR will be measured over the three financial years of the Company commencing in the year of the Grant 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 2025 Awards under the LTIP:

 

Name

Position

Number of awards

Jon Harris

Chief Executive Officer

513,873

Gabriel Papineau-Legris

Chief Financial Officer

287,003

John Hulme

Chief Operating Officer

179,090

Clare Kinahan

Chief HR Officer

117,097

Alasdair Robinson

Chief Legal Officer

116,480

 

Staff Awards

 

In addition to the above, a total of 1,841,737 awards in aggregate have also been granted to eligible employees who are not PDMRs. For lower grade staff only, awards are made on a time vested basis without performance conditions, and will vest one third/one third/one third over three years subject to certain conditions including continuation of employment. Of the 1,841,737 awards detailed above, 468,404 of these are time vested awards.

 

 

 

Enquiries:

Gulf Keystone:

+44 (0) 20 7514 1400  

Aaron Clark, Head of Investor Relations

& Corporate Communications

 

aclark@gulfkeystone.com

FTI Consulting

+44 (0) 20 3727 1000

Ben Brewerton

Nick Hennis

GKP@fticonsulting.com

 

or visit: www.gulfkeystone.com

 

Notes to Editors:

 

Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq. Further information on Gulf Keystone is available on its website www.gulfkeystone.com

 

This notification is made in accordance with the Market Abuse Regulation. 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jon Harris

2

Reason for the notification

a)

Position/status

Chief Executive 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 instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

513,873

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

1 April 2025

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 Financial 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 instrument

 Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term Incentive Plan

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

nil

287,003

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

1 April 2025

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

John Hulme

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 instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

179,090

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

1 April 2025

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Clare Kinahan

2

Reason for the notification

a)

Position/status

Chief HR 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 instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

117,097

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

1 April 2025

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

Chief Legal 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 instrument

 

Identification code

Common shares of $1.00 each in Gulf Keystone Petroleum Limited

 

ISIN: BMG4209G2077

b)

Nature of the transaction

Grant of nil cost award under the Gulf Keystone Petroleum 2024 Long Term Incentive Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

Nil

116,480

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

Single transaction as in 4c) above.


Nil consideration

e)

Date of the transaction

1 April 2025

f)

Place of the transaction

Outside a trading venue

 



Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


ISIN: BMG4209G2077
Category Code: MSCM
TIDM: GKP
LEI Code: 213800QTAQOSSTNTPO15
Sequence No.: 381129
EQS News ID: 2111612

 
End of Announcement EQS News Service

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