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 January 2025, Sue Rivett, its Chief Financial Officer increased her shareholding pursuant to the exercise of vested awards ("Awards") under the Company's Deferred Share Bonus Plan 2014 ("DSBP") over ordinary shares of £0.05 each in the Company ("Shares").
The DSBP Awards exercised are set out in the table below. The Awards were originally granted in 2023 to vest and become exercisable after two years at nil cost in respect of a proportion of the performance related annual bonus earned in the 2022 financial year.
| 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 | 13 January 2023 | 422,994 | 199,212 | £0.243767 | 223,782 | 1,142,191 | 0.276% |
For further information, please contact:
Pharos Energy plc Tel: 0207 603 1515
Tony Hunter, Company Secretary
Camarco Tel: 020 3757 4980
Billy Clegg |Georgia Edmonds |Violet Wilson |Kirsty Duff
Notes to editors
Pharos Energy plc is an independent energy 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 currently 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 currently 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. Following the announcement by Pharos in December 2024 of approval a five year extension to the terms of the petroleum contracts for Blocks 16-1 and 9-2, together with associated changes to fiscal terms and participating interests, Pharos will hold a revised working interest in Block 16-1 (TGT) of 25.33% with effect from 8 December 2026 and a revised working interest in Block 9-2 (CNV) of 20% with effect from 16 December 2027. 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-cost share awards under the Company's Deferred Share Bonus Plan 2014. 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 | 422,994 | £0.00 | ||||||||||
| Sale of a proportion of resulting shares | 199,212 | £48,561.31 | ||||||||||
| e)
| Date of the transaction
| 23/01/2025 | ||||||||||
| f)
| Place of the transaction
| X-LON | ||||||||||
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