Director / PDMR Shareholdings

 

 

4 April 2025

 

 

Gulf Keystone Petroleum Ltd. (LSE: GKP)

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

 

Director / PDMR Shareholdings

 

 

Gulf Keystone announces the following transactions by persons discharging managerial responsibilities ("PDMR").

 

Long Term Incentive Plan (“LTIP”)

 

Mr Jon Harris, Chief Executive Officer, and Mr Gabriel Papineau-Legris, Chief Financial Officer, exercised their vested nil-cost share options granted to them in 2022 under the 2014 Long Term Incentive Plan ("LTIP"). Upon exercise, a proportion of their vested awards was sold to pay the tax liability arising upon exercise, while the remainder was retained.

 

Name

Position

Share Option Scheme

Vested awards exercised

Shares sold for tax

Shares retained

Average price per share of sale (£)

Date of sale

Jon Harris

CEO

2014 LTIP

362,441*

170,947

191,494

1.8977

2 April 2025

Gabriel Papineau-Legris

CFO

2014 LTIP

74,261

35,027

39,234

1.8977

2 April 2025

 

*On exercise, Mr Harris is entitled to an amount in shares equivalent to the dividends paid to shareholders during the vesting period on the vested shares (“the Dividend Equivalent”). The Dividend Equivalent amount equates to 107,785 common shares and is included in the total of 362,441. 

 

Deferred Bonus Plan (“DBP”)

 

On 1 April 2022, Mr Jon Harris was awarded 60,962 awards under the Deferred Bonus Plan (“DBP”), representing 30% of his 2022 bonus award. Under the rules of the DBP, the awards vested on 20 March 2025. In addition, Mr Harris is entitled to an amount equivalent to the dividends paid to shareholders during the vesting period on the vested shares (“the Dividend Equivalent”). This amounts to £62,697, transferred to Mr Harris in the form of shares.

 

All awarded shares were net settled by the Company, resulting in the number of shares being transferred to Mr Harris on 4 April 2025 being the post-tax amount.

 

Name

Position

Share Option Scheme

Vested awards

Net amount of shares post tax

Equivalent amount (£)

Net amount of shares for Dividend Equivalent post tax

Date of transfer

 

Total number of shares transferred

Jon Harris

CEO

DBP

60,962

32,635

62,697

16,824

4 April 2025

49,459

 

 

Market purchases were made through the Company’s Employee Benefit Trust to satisfy all awarded LTIP and DBP shares.

 

Following the transactions, Mr Harris owns 351,724 common shares in the Company representing 0.16% of the issued share capital (“ISC”), while Mr Papineau-Legris owns 480,923 common shares in the Company representing 0.22% of the ISC.

 

 

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

Exercise of 362,441 Nil-cost options pursuant to 2014 LTIP (2022 award) Sale of 170,947 shares to cover tax liability 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0p

189.77p

362,441

170,947

 

d)

Aggregated information

-

Aggregated volume

-

Price

-

Total

 

Price(s)

Volume(s)

Total

0p

189.77p

362,441

170,947

£0

£324,406.12

 

e)

Date of the transaction

2 April 2025

f)

Place of the transaction

London Stock Exchange

 

 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

Exercise of 74,261 Nil-cost options pursuant to 2014 LTIP (2022 award) Sale of 35,027 shares to cover tax liability 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0p

189.77p

74,261

35,027

 

d)

Aggregated information

-

Aggregated volume

-

Price

-

Total

 

Price(s)

Volume(s)

Total

0p

189.77p

74,261

35,027

£0

£66,470.74

 

e)

Date of the transaction

2 April 2025

f)

Place of the transaction

London Stock Exchange

 

 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

Transfer of vested awards under the Deferred Bonus Plan

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

0p

49,559

 

 

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

Price(s)

Volume(s)

Total

0p

49,459

 

£0

 

 

e)

Date of the transaction

4 April 2025

f)

Place of the transaction

London Stock Exchange