REG - Pharos Energy PLC - Transaction in Own Shares

Pharos EnergyAnnouncement

26/09/2024 07:00

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RNS Number : 6962F  Pharos Energy PLC  26 September 2024

 

Pharos Energy plc

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

 

Transaction in Own Shares

 

Pharos Energy plc, announces that on 25 September 2024, in accordance with the
terms of the extension of its share buyback programme announced on 6 December
2023 (the "Programme"), it purchased the following number of ordinary shares
of £0.05 each in the Company ("Ordinary Shares") through Peel Hunt LLP ("Peel
Hunt"). The shares purchased will be cancelled.

 

 Date of purchases                                                                                                                                                                                                                                               25 September 2024

 Aggregate number of Ordinary Shares purchased                                                                                                                                                                                                                   56,809
 Highest price paid per share (pence per share):                                                                                                                                                                                                                 24.9000
 Lowest price paid per share (pence per share):                                                                                                                                                                                                                  24.9000
 Volume weighted average price paid per share (pence per share):                                                                                                                                                                                                 24.9000

Following the purchase and cancellation, the Company will have 424,415,982
Ordinary Shares of £0.05 each in issue, of which 9,122,268 Ordinary Shares
are held in treasury. Therefore, the figure of 415,293,714 may be used by
shareholders as the denominator for calculating whether they are required to
notify their interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.

Since initiation of the earlier phase of the Company's share buyback programme
announced on 20 July 2022, the Company has purchased a total of 27,929,445
Ordinary Shares for cancellation at a cost (excluding stamp duty and dealing
expenses) of £6,594,605.14.

In accordance with Article 5(1)(b) of the UK version of Regulation (EU) No.
596/2014 (the "Market Abuse Regulation") which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, the tables below contain detailed
information of the individual trades made by Peel Hunt as part of the
Programme.

Individual transactions on LSE:

 Number of shares purchased  Transaction price (pence per share)  Time of transaction  Execution venue
 56,809                      24.9000                              11:59:38             XLON

For further information, please contact:

Pharos Energy plc
 
Tel: 0207 7747 2000

Katherine Roe, Chief Executive Officer

Sue Rivett, Chief Financial Officer

 

Camarco
 
Tel: 020 3757 4980

Billy Clegg |Georgia Edmonds |Violet Wilson |Kirsty Duff

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.

 

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