REG - Pharos Energy PLC - Director/PDMR Shareholding

Pharos EnergyAnnouncement

24/10/2024 07:30

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RNS Number : 3869J  Pharos Energy PLC  24 October 2024

 

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  ORDINARY SHARES OF £0.05 EACH ("SHARES")

      Identification code

                                                                   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)

Exercise
                                                                   Price(s)     Volume(s)

                                                                   £0.00        997,150
                                                                   Sale of proportion of resulting shares
                                                                   Price(s)     Volume(s)

                                                                   £0.225189    479,596
 d)   Aggregated information                                       Transaction type            Aggregated Volume(s)        Price(s)

      -       Aggregated volume

      -       Price
      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

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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