TULLOW OIL PLC

Director's Dealing • Aug 1, 2013

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RNS Number : 7887K

Tullow Oil PLC

01 August 2013

Tullow Oil plc ('Tullow' or 'the Company')

Directors' Dealings

Tullow announces that the following dealings in ordinary shares of £0.10 each in the capital of Tullow ('Shares') were undertaken by certain directors on the London Stock Exchange on 1 August 2013.

Executive Share Option Scheme

Graham Martin (General Counsel) exercised options over a total of 400,000 Shares that had been granted to him in 2003 under the terms of the Tullow Oil 2000 Executive Share Option Scheme ('ESOS'). On the same date, Mr Martin sold 187,454 Shares at £10.4585 per Share to meet the cost of exercising such options and to discharge tax obligations arising therefrom. The balance of Shares acquired on exercise of these options has been retained by Mr Martin.

Performance Share Plan and Deferred Share Bonus Plan

Aidan Heavey  (Chief Executive Officer) and Angus McCoss (Exploration Director) exercised 'nil cost' options over a total of 447,248 and 171,328 Shares respectively that had been granted to them in 2008, 2009 and 2010 pursuant to the terms of the Tullow Oil 2005 Performance Share Plan ('PSP') and the Tullow Oil Deferred Share Bonus Plan 2005 ('DSBP').  On the same date, Aidan Heavey sold 447,248 Shares at £10.4585 per Share, some of which were to discharge tax obligations arising on exercise of his options, and Angus McCoss sold 80,727 Shares at £10.4585 per Share to discharge tax obligations arising on exercise of his options. The balance of 90,601 Shares retained by Angus 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 Aidan Heavey remains unchanged and the number of Shares held by Graham Martin and Angus McCoss have increased as shown in the second table below.

Full details of the options exercised, the Shares sold and retained and the resultant shareholdings of the directors 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
Graham Martin	ESOS	06/10/03	400,000	400,000	400,000	85p
Aidan Heavey	PSP	15/05/08 18/03/09 17/03/10	141,939 173,916 106,496	141,939 173,916   24,707	141,939 173,916   24,707	N/A N/A N/A
	DSBP	13/03/08 18/03/09 17/03/10	28,328   50,169   28,189	28,328   50,169   28,189	28,328   50,169   28,189	N/A N/A N/A
Angus McCoss	PSP	18/03/09 17/03/10	98,355   60,227	98,355   13,972	98,355   13,972	N/A N/A
	DSBP	13/03/08 18/03/09 17/03/10	14,686  28,374  15,941	14,686   28,374   15,941	14,686   28,374   15,941	N/A N/A N/A

Shares sold/retained

Director	Holdings of Shares prior to 1 August  2013	Total Shares acquired on exercise of options	Shares sold	Shares retained	Holdings of Shares following this notification
Graham Martin	1,702,766	400,000	187,454	212,546	1,915,312
Aidan Heavey	6,401,511	447,248	447,248	-	6,401,511
Angus McCoss	150,845	171,328	80,727	90,601	241,446

Notes:

1.        In addition to the above holding, Graham Martin holds a total of 7,702 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 710 partnership shares, 710 matching shares and 6,282 unrestricted shares.  

2.        In addition to the above holding Angus McCoss holds a total of 2,732 Shares under the terms of the Tullow Oil UK Share Incentive Plan comprising 710 partnership shares, 710 matching shares and 1,312 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 1 August 2013.

Enquiries:

George Cazenove

Tullow Oil plc

+ 44 203 249 9385

This information is provided by RNS

The company news service from the London Stock Exchange

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