Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries, the "Group")
DIRECTORS/PDMR SHAREHOLDINGS
Increase in Director Shareholding
The Company announces that on 23 October 2024, Sue Rivett, its Chief Financial Officer increased her shareholding pursuant to the vesting and exercise of awards ("Awards") under the Company's Long-Term Incentive Plan ("LTIP") over ordinary shares of £0.05 each in the Company ("Shares").
The LTIP Awards vested and exercised are set out in the table below. The Awards were originally granted in 2021 to vest and become exercisable after three years at nil price, subject to the satisfaction of performance conditions.
| Director | Grant Date | Awards Vested/exercised | Shares sold to settle tax liabilities and associated costs arising on exercise | Aggregate Price achieved | Shares Acquired and held | Total number of Shares held following transactions | % of Company's Issued Share Capital (excluding treasury shares) |
| Sue Rivett | 6 October 2021 | 997,150 | 479,596 | £0.225189 | 517,554 | 905,843 | 0.218% |
For further information, please contact:
Pharos Energy plc Tel: 0207 603 1515
Tony Hunter, Company Secretary
Notes to editors
Pharos Energy plc is an independent oil and gas exploration and production company with a focus on sustainable growth and returns to stakeholders, which is listed on the London Stock Exchange. Pharos has production, development and/or exploration interests in Egypt and Vietnam. In Egypt, Pharos holds a 45% working interest share in the El Fayum Concession in the Western Desert, with IPR Lake Qarun, part of the international integrated energy business IPR Energy Group, holding the remaining 55% working interest. The El Fayum Concession produces oil from 10 fields and is located 80 km southwest of Cairo. It is operated by Petrosilah, a 50/50 joint stock company between the contractor parties (being IPR Lake Qarun and Pharos) and the Egyptian General Petroleum Corporation (EGPC). Pharos also holds a 45% working interest share in the North Beni Suef (NBS) Concession in Egypt, which is located immediately south of the El Fayum Concession. The first development lease on the NBS Concession was awarded in September 2023 and production started in December 2023. IPR Lake Qarun operates and holds the remaining 55% working interest in the NBS Concession. In Vietnam, Pharos has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos' unitised interest in the TGT field is 29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang (CNV) field located in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Blocks 16-1 and 9-2 are located in the shallow water Cuu Long Basin, offshore southern Vietnam. Pharos also holds a 70% interest in, and is designated operator of, Blocks 125 & 126, located in the moderate to deep water Phu Khanh Basin, north east of the Cuu Long Basin, offshore central Vietnam.
| 1
| Details of the person discharging managerial responsibilities | |||||||||||
| a) | Name | SUE RIVETT | ||||||||||
| 2 | Reason for the notification | |||||||||||
| a) | Position/status | Chief Financial Officer
| ||||||||||
| b) | Initial notification /Amendment | Initial notification | ||||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
| a) | Name | PHAROS ENERGY PLC
| ||||||||||
| b)
| LEI | 549300DDKLXYLLO4N524 | ||||||||||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||
| a)
| Description of the financial instrument, type of instrument
Identification code
| ORDINARY SHARES OF £0.05 EACH ("SHARES")
GB00B572ZV91 | ||||||||||
| b)
| Nature of the transaction
| 1. Exercise of nil-price share awards under the Company's Long-Term Incentive Plan. 2. Sale of a proportion of the resulting shares to cover tax liabilities and associated costs arising on exercise. . | ||||||||||
| c)
| Price(s) and volume(s)
|
| ||||||||||
| d)
| Aggregated information
- Aggregated volume
- Price | Transaction type | Aggregated Volume(s) | Price(s)
| ||||||||
| Exercise of share awards | 997,150 | £0.00 | ||||||||||
| Sale of a proportion of resulting shares | 479,596 | £107,999.74 | ||||||||||
| e)
| Date of the transaction
| 23/10/2024 | ||||||||||
| f)
| Place of the transaction
| X-LON | ||||||||||
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