Pharos Energy PLC

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: 0207 603 1515

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

 

 

 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
DSHQLLFFBELBBBV