Result of AGM

Pharos Energy PLC

23 May 2024

 

23 May 2024

Pharos Energy plc

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

RESULTS OF ANNUAL GENERAL MEETING

The Company announces that at its Annual General Meeting held at 100 Liverpool Street, London, EC2M 2AT today, all resolutions put before the meeting were duly passed.

In accordance with LR 9.6.2, copies of resolutions concerning items other than ordinary business are being submitted to the National Storage Mechanism and will shortly be available for inspection at https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.

On the date of the meeting, Pharos' issued share capital consisted of 429,040,568 ordinary shares of £0.05 each with voting rights; 9,122,268 shares were in Treasury and therefore, the total number of voting rights was 419,918,300.

Voting was conducted on a poll, the results of which are shown in the table below and will shortly be available on the Company's website, www.pharos.energy.

Resolution	Votes in Favour (Including Discretionary)	%	Votes Against	%	Total Votes (excluding votes withheld)	Votes Withheld
1.   To receive the Annual Report and Accounts for the financial year ended 31 December 2023.	173,379,189	99.68%	549,817	0.32%	173,929,006	299,560
2.   To declare a final dividend of 0.77 pence per share.	150,387,352	99.64%	544,817	0.36%	150,932,169	23,296,397
3.   To approve the Directors' Remuneration Report included in the Annual Report and Accounts for the financial year ended 31 December 2023.	148,541,759	98.42%	2,388,177	1.58%	150,929,936	23,298,630
4.   To reappoint John Martin, who is Chair of the Nominations and ESG Committees, as a Director	147,002,768	84.38%	27,220,195	15.62%	174,222,963	5,603
5.   To reappoint Sue Rivett, who is a member of the ESG Committee, as a Director.	149,925,050	86.05%	24,300,533	13.95%	174,225,583	2,983
6.   Resolution 6 - withdrawn*
7.   To reappoint Geoffrey Green, who is Chair of the Remuneration Committee and a member of the Audit and Risk, ESG and Nominations Committees, as a Director.	146,849,619	84.29%	27,375,963	15.71%	174,225,582	2,984
8.   To reappoint Lisa Mitchell, who is Chair of the Audit and Risk Committee and a member of the ESG,  Nominations and Remuneration Committees, as a Director.	148,466,766	85.22%	25,758,816	14.78%	174,225,582	2,984
9.   To reappoint Dr Bill Higgs, who is a member of the ESG Committee, as a Director.	173,217,967	99.42%	1,007,616	0.58%	174,225,583	2,983
10. To appoint Ernst & Young LLP as Auditors to hold office until the conclusion of the next Annual General Meeting at which accounts are laid before the Company.	173,670,427	99.68%	552,267	0.32%	174,222,694	5,872
11. To authorise the Audit and Risk Committee, for and on behalf of the Directors, to agree the Auditors' remuneration.	173,564,242	99.62%	658,498	0.38%	174,222,740	5,826
12. To authorise the Directors to allot securities (s.551 of the Companies Act 2006).	149,739,455	99.21%	1,196,994	0.79%	150,936,449	23,292,117
13. To disapply pre-emption rights (s.570 and s.573 of the Companies Act 2006)	169,804,962	97.46%	4,423,604	2.54%	174,228,566	0
14. To disapply pre-emption rights (s.570 and s.573 of the Companies Act 2006) for acquisitions or specified capital investments.	169,806,967	97.46%	4,421,599	2.54%	174,228,566	0
15. To authorise the Company to repurchase its own Shares (s.701 of the Companies Act 2006).	173,674,543	99.68%	552,007	0.32%	174,226,550	2,016
16. To authorise the Directors to call general meetings of the Company (other than an annual general meeting) on not less than 14 clear days' notice.	150,023,309	99.40%	908,859	0.60%	150,932,168	23,296,398

* Following the Company's announcement on 3 May 2024 that Marianne Daryabegui will retire at the conclusion of the AGM, resolution 6, to reappoint Marianne Daryabegui as a Director, was accordingly withdrawn at today's AGM.

For further information, please contact:

Pharos Energy plc                                                                                                                                   Tel: [phone]

Tony Hunter, Company Secretary

Camarco                                                                                                                                                 Tel: [phone]

Billy Clegg | Rebecca Waterworth | Kirsty Duff | Andrew Turner

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. 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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