Director/PDMR Shareholding

Pharos Energy PLC

24 October 2024

 

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 October 2024, Sue Rivett, its Chief Financial Officer increased her shareholding pursuant to the vesting and exercise of awards ("Awards") under the Company's Long-Term Incentive Plan ("LTIP") over ordinary shares of £0.05 each in the Company ("Shares").

The LTIP Awards vested and exercised are set out in the table below. The Awards were originally granted in 2021 to vest and become exercisable after three years at nil price, subject to the satisfaction of performance conditions.

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	6 October 2021	997,150	479,596	£0.225189	517,554	905,843	0.218%

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, 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.

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 Identification code	ORDINARY SHARES OF £0.05 EACH ("SHARES") GB00B572ZV91
b)	Nature of the transaction	1.   Exercise of nil-price share awards under the Company's Long-Term Incentive Plan. 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) £0.00 Volume(s) 997,150 Sale of proportion of resulting shares Price(s) £0.225189 Volume(s) 479,596
d)	Aggregated information -       Aggregated volume -       Price	Transaction type	Aggregated Volume(s)	Price(s)
		Exercise of share awards	997,150	£0.00
		Sale of a proportion of resulting shares	479,596	£107,999.74
e)	Date of the transaction	23/10/2024
f)	Place of the transaction	X-LON

 

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