Appointment of non-executive Chair

RNS Number : 1543Q

Pharos Energy PLC

17 October 2019

 

Pharos Energy plc

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

Appointment of John Martin as non-executive Chair of Pharos Energy plc

Pharos Energy plc, is pleased to announce the appointment of John Martin as Chair of the Board of Directors with effect from 13 March 2020. 

John Martin was appointed as an Independent non-executive Director on 7 June 2018. John has more than 30 years' experience in international banking in the oil and gas industry and, was a Senior Managing Director in the Oil and Gas team at Standard Chartered Bank. Prior to joining Standard Chartered in 2007, John worked for ABN Amro for 26 years, specialising in the oil and gas sector. John has served as Senior Vice President of the World Petroleum Council, and as an independent non-executive Director of Rockhopper Exploration plc. He was previously Chairman of Falkland Oil and Gas Limited, an Independent non-executive Director on the board of Bowleven plc and, an independent non-executive Director and Chair of the Audit Committee of Total E&P UK Limited.

On becoming Chair, John will resign from the Audit and Risk Committee and Remuneration Committee.   John will remain Chair of the ESG Committee, and will serve as Chair of the Nominations Committee replacing the current Chair, Rui de Sousa, in that role. Rui de Sousa will also retire from the Board on 13 March 2020.

This appointment comes after a process, using Korn Ferry as search consultants, to identify a successor to Rui de Sousa who has previously indicated his intention to retire. Rob Gray, the Deputy Chairman and senior Independent Director recused himself from consideration as Chair and led the process with Korn Ferry. The search for a new Chair of the Audit and Risk Committee to replace John has commenced, again led by Korn Ferry. The Company is committed to good governance and will continue to review the balance and effectiveness of the Board with a view to adding Independent non-executives commensurate with our size and needs.

Antony Maris, Chief Operating Officer, will also step down at the end of the year after 15 years of service.    

Rui de Sousa, Chair

"I'm delighted that John Martin will succeed me as Chair and I wish him all the best in his new role. John has contributed a great deal of knowledge and expertise during his tenure as Independent non-executive Director. John has breadth and depth of experience in the industry, in leadership and finance. There is no doubt that John will continue to make a great contribution to the Company and steer it in the right direction as it enters a new phase - return to growth. I'd also like to thank Antony for his service to the Company over the years, his commitment has been exceptional and we wish him all the very best for the future."

Ed Story, President and CEO

"Rui has been Chair, during some of our most exciting but also some of our most challenging years and I thank him for his extensive service throughout his tenure. Rui has been a valued colleague and I wish him all the very best for the future. I look forward to continuing to work with John as the Company returns to growth and we deliver on our principal strategy of sustainable long term growth. I wish John all the best in his new role. Antony has been our Chief Operating Officer for 15 years and, instrumental in the challenging drilling and development successes the Company has had in many different countries and environments, I wish him well for the future."

John Martin, Independent non-executive Director

"I am very pleased to be taking on the role as Chair, having served as an Independent non-executive Director. I see great potential in the Company and have already seen significant changes and progress during my tenure.  I look forward to continuing to work with Ed and the Board as we work to focus on delivering the full potential of the Company's opportunities and return to growth when so much work has been done to refresh the Company's portfolio, its governance and its Board."

Enquiries

Pharos Energy plc                                                                                                                                 Tel: [phone]

Ed Story, President and Chief Executive Officer           

Jann Brown, Managing Director and Chief Financial Officer

Mike Watts, Managing Director

Sharan Dhami, Group Head of Investor Relations

Camarco                                                                                                                                                                 Tel: [phone]

Billy Clegg | Owen Roberts and exploration interests in Egypt and Vietnam.

In Egypt, Pharos holds a 100% working interest in the El Fayum oil concession in the low-cost and highly prolific Western Desert, one of Egypt's most established and prolific hydrocarbon basins. The concession produces from 10 fields and is located 80 km south west of Cairo and close to local energy infrastructure. It is operated by Petrosilah a 50/50 JV between Pharos and Egyptian General Petroleum Corporation (EGPC). 

In Vietnam, Pharos holds a 30.5% working interest in the Te Giac Trang (TGT) Field in Block 16-1, which is operated by the Hoang Long Joint Operating Company. Block 16-1 is located in the shallow water Cuu Long Basin, offshore southern Vietnam and a 25% working interest in the Ca Ngu Vang (CVN) Field in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Block 9-2 is 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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