Harbour Energy PLC — Director's Dealing 2018

Mar 16, 2018

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RNS Number : 0521I

Premier Oil PLC

16 March 2018

NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

Premier Oil plc (the 'Company') hereby notifies the market of the following transactions of which it has been notified under Article 19.1 of the EU Market Abuse Regulation ('MAR').

Grant of Performance Share Awards and Restricted Share Awards

On 15 March 2018, Performance Share Awards and Restricted Share Awards (the 'Awards') were granted to the Executive Directors named below under the Company's 2017 Long Term Incentive Plan, which was approved by shareholders at the Company's 2017 Annual General Meeting and forms part of the Company's 2017 Remuneration Policy. The Awards have been granted in the form of contingent share awards over ordinary shares in the Company ('Ordinary Shares') and the Awards will only vest if certain performance targets are met over a three-year performance period from 1 January 2018 to 31 December 2020 (the 'Performance Period'). 

The performance target for the Performance Share Awards is based on the Company's TSR performance relative to a comparator group of international oil and gas sector peers.  100 per cent vesting will require upper decile performance relative to the comparator group with 25 per cent vesting for median performance and straight-line vesting in between.  Subject to the achievement of the performance target and the Remuneration Committee's assessment of overall Company performance, the Performance Share Awards will normally vest on 15 March 2021, being three years from the date of grant. The Executive Directors will then be required to hold the shares (on an after-tax basis) until the fifth anniversary of the date of grant.

The Restricted Share Awards will normally vest in one third increments on the third, fourth and fifth anniversary of the date of grant, subject to continued employment, the achievement of a performance underpin based on a reduction of the ratio of the Company's net debt to EBITDA as agreed with the Company's lenders over the Performance Period (currently three times net debt to EBITDA) and the Remuneration Committee's assessment of overall Company performance.  The Executive Directors will then be required to hold the shares (on an after-tax basis) until the fifth anniversary of the date of grant.

Grant of Deferred Bonus Awards

On 15 March 2018, Deferred Bonus Awards were granted to the Executive Directors named below in relation to 2017 annual bonuses above 50% of salary.  The Deferred Bonus Awards have been granted in the form of contingent share awards over ordinary shares in the Company and will normally vest three years from date of grant.   

Andy Gibb

Group General Counsel/Company Secretary

Premier Oil plc

+44 (0)20 7730 1111

The information set out below is provided in accordance with the requirements of Article 19(3) of MAR.

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Tony Durrant

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

Premier Oil plc

b)

LEI

213800YPC42DYBKVPF97

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

Ordinary shares of 12.5 pence each

GB00B43G0577

b)

Nature of the transaction

(i)   Grant of Performance Share Awards under the Premier Oil 2017 Long Term Incentive Plan;

(ii)  Grant of Restricted Share Awards under the Premier Oil 2017 Long Term Incentive Plan; and

(iii) Grant of Deferred Bonus Awards.

c)

Price(s) and volume(s)

Price(s)	Volume(s)
(i)     £0.00 (ii)    £0.00 (iii)  £0.00	1,392,073 159,094 207,617

d)

Aggregated information

-	Aggregated volume
-	Price

1,758,784

£0.00

e)

Date of the transaction

2018-03-15

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Robin Allan

2

Reason for the notification

a)

Position/status

Director, North Sea and Exploration

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Premier Oil plc

b)

LEI

213800YPC42DYBKVPF97

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

Ordinary shares of 12.5 pence each

GB00B43G0577

b)

Nature of the transaction

(i)     Grant of Performance Share Awards under the Premier Oil 2017 Long Term Incentive Plan;

(ii)   Grant of Restricted Share Awards under the Premier Oil 2017 Long Term Incentive Plan; and

(iii)  Grant of Deferred Bonus Awards.

c)

Price(s) and volume(s)

Price(s)	Volume(s)
(iv)   £0.00 (v)    £0.00 (vi)   £0.00	865,458 98,909 123,637

d)

Aggregated information

-	Aggregated volume
-	Price

1,088,004

£0.00

e)

Date of the transaction

2018-03-15

f)

Place of the transaction

Outside a trading venue

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Richard Rose

2

Reason for the notification

a)

Position/status

Finance Director

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Premier Oil plc

b)

LEI

213800YPC42DYBKVPF97

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

Ordinary shares of 12.5 pence each

GB00B43G0577

b)

Nature of the transaction

(i)     Grant of Performance Share Awards under the Premier Oil 2017 Long Term Incentive Plan;

(ii)    Grant of Restricted Share Awards under the Premier Oil 2017 Long Term Incentive Plan; and

(iii)   Grant of Deferred Bonus Awards.

c)

Price(s) and volume(s)

Price(s)	Volume(s)
(i)     £0.00 (ii)    £0.00 (iii)   £0.00	865,458 98,909 129,077

d)

Aggregated information

-	Aggregated volume
-	Price

1,093,444

£0.00

e)

Date of the transaction

2018-03-15

f)

Place of the transaction

Outside a trading venue

This information is provided by RNS

The company news service from the London Stock Exchange

END

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