Director/PDMR Shareholding
Tullow Oil PLC announced on June 15, 2026, that its Chief Executive Officer, Ian Perks, and Chief Financial Officer, Richard Miller, were granted conditional awards under the 2023 Executive Share Plan on June 11, 2026. Mr. Perks received a conditional award of 4,531,250 ordinary shares at nil cost, while Mr. Miller was granted 3,125,000 nil-cost options on ordinary shares. Both awards are subject to performance targets over a three-year period and a subsequent two-year holding period, with share release expected by June 11, 2031. Additionally, both executives received cash conditional awards, capped at 125% of their base salary, linked to performance targets related to addressing the company's debt maturities, as approved by shareholders.
Select text to share a quote on X · sign in to keep highlights & notes in your TLW notes
Tullow announces that the following conditional and nil-cost option awards (each an "Award") over its ordinary shares of £0.10 pence each ("Shares") were made under the Tullow Oil plc 2023 Executive Share Plan ("the ESP") on 11 June 2026 to Ian Perks, Chief Executive Officer and Richard Miller, Chief Financial Officer of the Company, each being 'persons discharging managerial responsibilities'.
The vesting of the Awards depends upon the extent to which specified performance targets are met over a three-year performance period from 11 June 2026 to 10 June 2029, subject to any adjustments that are made to the vesting outcome of an Award in accordance with the rules of the ESP. Following any such vesting, the Awards will ordinarily be subject to a further two year "holding period" and the release of Shares to the relevant Award holder will be postponed until the expiry of that holding period (i.e. 11 June 2031).
Separately, on 11 June 2026 Mr Perks and Mr Miller were each granted a cash conditional award (a "Cash Award") under the ESP (as amended and approved by shareholders by resolution at the annual general meeting of the Company held on 10 June 2026 (the "2026 AGM"). Each Cash Award represents a right for the relevant Cash Award holder to receive a cash sum in the maximum amount of 125% of their base salary (as at the date of grant of the Cash Award). The vesting of the Cash Awards (and the amount of cash payable to the relevant Cash Award holder) depends upon the extent to which specified performance targets (which relate to addressing the Company's debt maturities) are met over the vesting period of the Cash Award, subject to any adjustments that are made to the vesting outcome of an Award in accordance with the rules of the ESP. The Cash Awards have been granted in accordance with the terms of the new Directors' Remuneration Policy which was approved by resolution of the shareholders at the 2026 AGM. For the avoidance of doubt, the Cash Awards do not confer a right to receive shares, and the cash value that is receivable is not related to the price of a share - accordingly, details of the Cash Awards are not included in the regulatory tables set out in the remainder of this announcement.
Ian Perks
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Ian Perks | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notifications /Amendments | Initial notification | |
| a) | Name | Tullow Oil plc | |
| b) | LEI | 2138003EYHWO75RKS857 | |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10 pence each GB0001500809 | |
| b) | Nature of the transactions | Grant of conditional awards pursuant to the ESP. | |
| c) | Price(s) and volume(s) | Price(s) Nil | Volume(s) 4,531,250 |
| d) | Aggregated information - Aggregated volume - Price | 4,531,250 Nil | |
| e) | Date of the transactions | 11.06.2026 | |
| f) | Place of the transactions | Outside a trading venue | |
| Richard Miller | |||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Richard Miller | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Financial Officer | |
| b) | Initial notifications /Amendments | Initial notification | |
| a) | Name | Tullow Oil plc | |
| b) | LEI | 2138003EYHWO75RKS857 | |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10 pence each GB0001500809 | |
| b) | Nature of the transactions | Grant of nil price options pursuant to the ESP. | |
| c) | Price(s) and volume(s) | Price(s) Nil | Volume(s) 3,125,000 |
| d) | Aggregated information - Aggregated volume - Price | 3,125,000 Nil | |
| e) | Date of the transactions | 11.06.2026 | |
| f) | Place of the transactions | Outside a trading venue | |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.