Awards under Company's Long-Term Incentive Plan

RNS Number : 6894M

Pharos Energy PLC

13 May 2020

 

Pharos Energy plc

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

DIRECTOR/PDMR SHAREHOLDINGS

Awards under the Company's Long-Term Incentive Plan

The Company announces that on 12 May 2020, its Persons Discharging Managerial Responsibilities ("PDMRs") were granted the following nil-cost share awards over ordinary shares of £0.05 each in the Company ("Shares") under the Company's 2011 Long Term Incentive Plan ("LTIP").

The number of shares under such awards is normally calculated based on a percentage of salary and the share price at the date of grant. The number of shares under these awards this year has instead been calculated using the higher share price at the date of grant of last year's awards (subject to adjustments in relation to exchange rate movements), resulting in the grant being over a significantly lower number of shares than would otherwise be the case.

PDMRs	Position	No of LTIP awards granted
Ed Story	Chief Executive Officer	1,550,855
Jann Brown	Managing Director and Chief Financial Officer	1,550,855
Dr Mike Watts	Managing Director	1,550,855

These awards will generally vest over three years from the date of grant, subject to the satisfaction of certain performance conditions and a subsequent two-year holding period.

For further information, please contact:

Pharos Energy plc    Tel: [phone]

Tony Hunter, Company Secretary

Notes to editors

Pharos Energy 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 exploration interests in Egypt, Israel 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). Pharos is also an operator with 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 blocks in the second offshore bid round in Israel. Each party has an equal working interest and Cairn is the operator.

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.

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	Grant of nil cost options under the Pharos Energy plc 2011 Long-Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00 1,550,855
d)	Aggregated information	N/A single transaction
e)	Date of the transaction	12/05/20
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	JANN BROWN
2	Reason for the notification
a)	Position/status	Managing Director and 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 GB00B572ZV91
b)	Nature of the transaction	Grant of nil cost options under the Pharos Energy plc 2011 Long-Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00 1,550,855
d)	Aggregated information	N/A single transaction
e)	Date of the transaction	12/05/20
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	MIKE WATTS
2	Reason for the notification
a)	Position/status	Managing Director
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 GB00B572ZV91
b)	Nature of the transaction	Grant of nil cost options under the Pharos Energy plc 2011 Long-Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.00 1,550,855
d)	Aggregated information	N/A single transaction
e)	Date of the transaction	12/05/20
f)	Place of the transaction	Outside a trading venue

 

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