REG - Pharos Energy PLC - Directorate Change

Pharos EnergyAnnouncement

27/03/2024 07:15

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RNS Number : 4840I  Pharos Energy PLC  27 March 2024

27 March 2024

 

Pharos Energy plc

("Pharos" or the "Company" or, together with its subsidiaries, the "Group")

Directorate change

Pharos Energy plc, an independent energy company, announces that CEO Jann
Brown has informed the Board of her intention to retire and step down from the
Board effective 30 April 2024. The search for a replacement CEO will commence
shortly and Jann has agreed to stay in her position as CEO to effect a managed
and smooth transition.

 

 

John Martin, Chair, commented:

 

"I would like to take this opportunity to thank Jann for her significant
contribution to Pharos over the years.  Since the events of Covid-19 rocked
the energy markets, Jann has overseen a dramatic stabilisation of the Company,
a significant reduction in debt levels, a substantial increase in free cash
flow generation and a return to shareholder distributions. Jann will be
leaving the Company in a strong position, both financially and operationally.
On behalf of the entire Board, we wish Jann well in her retirement.

 

"A process to appoint a successor will commence shortly."

 

 

The Company confirms that there are no additional matters requiring disclosure
under LR 9.6.13 of the Listing Rules.

 

 

 

 

 

Enquiries

 

 

 

Pharos Energy plc
 
Tel: 020 7747 2000

John Martin, Chair

 

Camarco
 
Tel: 020 3757 4980

Billy Clegg | Andrew Turner | Rebecca Waterworth | 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 premium segment of
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 holds the remaining 55% working interest in the NBS
Concession, with development operations on the Concession currently undertaken
by Petrosilah on behalf of the newly formed joint operating company, Petro
Beni Suef. The first exploration phase under the NBS Concession expired in
March 2024 with all work programme commitments completed. 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, exploration
Blocks 125 & 126, located in moderate to deep water in the Phu Khanh
Basin, north east of the Cuu Long Basin, offshore central Vietnam.

 

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