REG - Pharos Energy PLC - Transaction in Own Shares

Pharos EnergyAnnouncement

24/01/2025 07:00

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RNS Number : 5242U  Pharos Energy PLC  24 January 2025

 

Pharos Energy plc

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

 

Transaction in Own Shares

 

Pharos Energy plc, announces that on 23 January 2025, 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                                                                                                                                                                                                                                               23 January 2025

 Aggregate number of Ordinary Shares purchased                                                                                                                                                                                                                   126,746
 Highest price paid per share (pence per share):                                                                                                                                                                                                                 25.5010
 Lowest price paid per share (pence per share):                                                                                                                                                                                                                  25.5010
 Volume weighted average price paid per share (pence per share):                                                                                                                                                                                                 25.5010

Following the purchase and cancellation, the Company will have 423,595,659
Ordinary Shares of £0.05 each in issue, of which 9,122,268 Ordinary Shares
are held in treasury. Therefore, the figure of 414,473,391 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 30,835,601
Ordinary Shares for cancellation at a cost (excluding stamp duty and dealing
expenses) of £7,294,776.46.

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
 126,746                     25.5010                              08:22:03             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 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.

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