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 | Dividend 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 |
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