Tullow Oil Regulatory News (TLW)

TULLOW OIL PLC

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

Following the commencement of his employment as Chief Executive Officer of Tullow Oil plc (the "Company") on 1 July 2020, Mr Rahul Dhir has was granted on 5 August 2020 awards over shares in the company as detailed below (the "Awards").

Consistent with the Company's approved Remuneration Policy, the Company agreed to make the Awards to compensate Mr Dhir for certain share arrangements which he forfeited on leaving his former employer.

The grant of the Awards was conditional on Mr Dhir purchasing shares in the Company with a value of £350,000 (calculated by reference to the closing price of a share in the Company on the dealing day immediately prior to the date of purchase). Mr Dhir purchased 1,346,000 shares in the Company on 11 May 2020 (the "Purchased Shares") and he is required to retain these shares in connection with the grant of the Awards.

The Awards, which were granted pursuant to an individual plan put in place by the Company in accordance with Listing Rule 9.4.2, comprise:

· A restricted share award in the form of a nil-cost option over 3,000,000 shares;

· A share option over 3,000,000 shares with a per share exercise price of £0.2566 (being equal to the market value of a share at the close of trading on the dealing date immediately following the date on which the Purchased Shares were acquired); and

· A share option over 3,000,000 shares with a per share exercise price of £0.5132 (being twice the exercise price for the above options).

The Awards will ordinarily vest on 1 July 2025.

Further detail will be set out in the Directors' Remuneration Report for 2020.

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