ENP Newswire -
Release date- 17062014 -
A search for
Gulf Keystone's Chairman
Gulf Keystone's CEO
Tel: +44 (0) 20 7514 1411
Tel: +44 (0) 7795484387
On cessation of employment the Finance Director will receive a contractual payment of
The Remuneration Committee determined to use its discretion to reduce the exercise period in relation to the Finance Director's vested options to 12 months following the date of cessation of employment. He already had options over 839,000 shares at an exercise price of 175p, 1,627,746 shares at an exercise price of 75p and 1,000,000 shares at an exercise price of 30p.
The Finance Director's Executive Bonus Shares (2,152,444 of which are vested and 291,834 are being vested) will be available to be transferred in accordance with and subject to existing employee benefit trust rules. No discretions have been exercised in relation to them in connection with his loss of office.
The Remuneration Committee has exercised its discretion not to pay a deferred cash award of
The Remuneration Committee has exercised its discretion in relation to the Finance Director's Exit Event Award over 140,000 shares to cause the award to lapse on cessation of employment.
It should be noted that all of the above awards were made prior to the Company joining the main market and are part of the legacy remuneration arrangements operated by the Company. The Company's new Remuneration Policy is set out in the Remuneration Committee Report, available to view at http://annualreport.gulfkeystone.co.uk/, and will be voted on by shareholders at the Company's Annual General Meeting on
Notes to Editors
GKPI is the Operator of the Shaikan Block, which is a major commercial discovery, with a working interest of 75% and is partnered with
Gulf Keystone is moving into the large-scale phased development of the Shaikan field targeting 100,000 bopd of production capacity during Phase 1 of the Shaikan Field Development Plan following its approval in
This announcement contains certain forward-looking statements. These statements are made by the Company's Directors in good faith based on the information available to them up to the time of their approval of this announcement but such statements should be treated with caution due to inherent uncertainties, including both economic and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
This communication and the information contained herein is not an offer of securities for sale in
The company does not intend to register any portion of this offering in
This communication is directed only at (i) persons who are outside the
Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
This communication is distributed in any member state of the European Economic Area which applies Directive 2003/71/EC (this Directive together with any implementing measures in any member state, the Prospectus Directive) only to those persons who are qualified investors for the purposes of the Prospectus Directive in such member state, and such other persons as this document may be addressed on legal grounds, and no person that is not a relevant person or qualified investor may act or rely on this document or any of its contents.
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