Major shareholders

Ordinary Shares of 10p each

Major Shareholders



DNO ASA 105,247,866 28.22%
Black Rock Investment Management* 31,942,878 8.57%
Aviva Investors* 24,435,703 6.55%
Invesco Perpetual* 13,394,485 3.59%
Legal & General Investment Management* 11,853,556 3.18%
Shares held by Directors 4,791,119  1.28%
Other shares not held in public hands 105,247,866 28.22%
Total shares not held in public hands 110,038,985 29.51%
Shares in issue 372,889,693 100%


* Analysis undertaken by the Company’s investor relations advisers at 5 October 2018

Periodically the Company’s remuneration advisers assess the performance of the Company’s incentive awards to assess the maximum potential dilution that would result upon exercise.  The most recent assessment was undertaken in October 2018 and taking into account performance-to-date, it was estimated that upon exercise 6.9% of the current issued share capital would be issued upon exercise.  This percentage when taken together with those options that have been exercised in the previous 10 years (2.9%) totals 9.8% of the current issued share capital.