REG - Pharos Energy PLC - Increase in Director Shareholding

Pharos EnergyAnnouncement

24/01/2025 07:30

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RNS Number : 5246U  Pharos Energy PLC  24 January 2025

 

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  ORDINARY SHARES OF £0.05 EACH ("SHARES")

      Identification code

                                                                   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)

Exercise
                                                                   Price(s)     Volume(s)

                                                                   £0.00        422,994
                                                                   Sale of proportion of resulting shares
                                                                   Price(s)     Volume(s)

                                                                   £0.243767    199,212
 d)   Aggregated information                                       Transaction type            Aggregated Volume(s)        Price(s)

      -       Aggregated volume

      -       Price
      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

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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