Vesting of LTIP Awards & PDMR Shareholding

Source Company Press Release
Company SDX Energy Plc
Tags Corporate: Corporate Results, Overview/Strategy, Country: United Kingdom
Date July 31, 2020

SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company, announces the partial vesting of share options awarded under the terms of the  SDX Energy Plc LTIP scheme ("LTIP" or "Plan").

As part of the Board's commitment to facilitating and encouraging share ownership amongst senior management and selected employees of the Company, and as disclosed in the Company's Annual Report, the awards made on 31 July 2017 to existing employees and between August and November 2017 to new joiners contained performance targets set with reference to the following:

·     Earnings Before Interest, Taxation, Depreciation, Amortisation and Exploration Expense ("EBITDAX") in US$ millions;

·      Working interest production in barrels of oil equivalent per day;

·      Proved Developed Producing and Proved Undeveloped Reserves in barrels of oil equivalent; and

·      Total Shareholder Return relative to the FTSE All Share Oil & Gas Index.

The Board has, in its discretion, determined that performance targets have been partially achieved such that a total of 263,548 nil-cost options will vest over ordinary shares, representing 0.129% of the Company's current issued share capital, of which 224,806 vested on 31 July 2020, with the remainder vesting on 31 August 2020, 7 September 2020, and 27 November 2020 (in aggregate, 38,742 nil-cost options).

A total of 136,972 nil-cost options awarded to persons discharging managerial responsibility ("PDMR") vested on 31 July 2020, 122,296 to Mark Reid and 14,676 to Nick Box. Assuming all nil-cost options are exercised, upon exercise of their nil-cost options, Mark Reid would own 583,499 shares, representing 0.285% of the Company's then issued share capital, and Nick Box would own 34,706 shares, representing 0.017% of the Company's then issued share capital.

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