Director/PDMR Shareholding

RNS Number : 4441N

Pharos Energy PLC

01 February 2021

 

Pharos Energy plc

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

DIRECTOR/PDMR SHAREHOLDINGS

Increase in Director Shareholdings

The Company announces that on, 29 January 2021, its Chief Executive Officer, Ed Story, increased his shareholdings pursuant to the vesting of contingent share awards ("Awards") under the Company's Deferred Share Bonus Plan 2014 ("DSBP") over ordinary shares of £0.05 each in the Company ("Shares"), as set out in the table below. The Awards were originally granted in 2019 to vest after two years in respect of a proportion of the performance related annual bonus earned in the 2018 financial year.

The Board has determined that, in this instance, it serves the best interest of the Company and its shareholders, with the agreement of Mr Story, to deliver only the net number of Shares after deducting the number of Shares that otherwise would be sold in the market to settle the tax liabilities associated with the settlement of these Awards. Therefore, no Shares will be sold as the associated tax liabilities will be settled by the Company. The Shares being delivered to Mr Story are from those held by the Pharos employee benefit trust to satisfy such Awards. There is therefore no increase in the issued share capital of the Company as a result of the satisfaction of these Awards.

Director	Awards Vested	Shares to be deducted for associated tax	Shares to be delivered	Total number of Shares held following purchase	% of Company's Issued Capital (excluding treasury shares)
Ed Story	383,792	141,315	242,477	16,087,4071	3.64%

1. 14,412,407 Shares (3.26%) are held personally by E Story. 1,675,000 Shares (0.38%) are held through The Story Family Trust, a closely associated person to Ed Story.

For further information, please contact:

Pharos Energy plc    Tel: [phone]

Tony Hunter, Company Secretary

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, headquartered in London and listed on the London Stock Exchange.

Pharos has production, development and/or exploration interests in Egypt, Israel and Vietnam.

In Egypt, Pharos holds a 100% working interest in the El Fayum oil Concession in the Western Desert. The Concession produces from 10 fields and is located 80 km south west of Cairo. It is operated by Petrosilah, a 50/50 JV between Pharos and the Egyptian General Petroleum Corporation (EGPC). Pharos is also an operator with a 100% working interest in the North Beni Suef (NBS) Concession, which is located immediately south of the El Fayum Concession.

In Israel, Pharos together with Cairn Energy plc and Israel's Ratio Oil Exploration, were successful in their bid for eight licences in the second offshore bid round in Israel. Each party has an equal working interest and Cairn is the operator.

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 (CVN) 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.

1	Details of the person discharging managerial responsibilities
a)	Name	ED STORY
2	Reason for the notification
a)	Position/status	Chief Executive 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 Identification code	ORDINARY SHARES OF £0.05 EACH ("SHARES") GB00B572ZV91
b)	Nature of the transaction	Acquisition of shares following settlement of share awards under the Company's Deferred Share Bonus Plan 2014.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00 242,477
d)	Aggregated information	N/A single transaction
e)	Date of the transaction	29/01/21
f)	Place of the transaction	Outside a trading venue

 

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