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Pharos Energy PLC (PHAR)

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Friday 14 January, 2022

Pharos Energy PLC

Increases in Director Shareholdings

RNS Number : 4173Y
Pharos Energy PLC
14 January 2022
 

14 January 2022  

Pharos Energy plc

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

 

 

INCREASES IN DIRECTOR SHAREHOLDINGS

 

The Company announces that on, 13 January 2022, three of its Directors increased their shareholdings pursuant to the purchase of shares in the market, and the vesting and exercise of awards ("Awards") under the Company's Deferred Share Bonus Plan 2014 ("DSBP") over ordinary shares of £0.05 each in the Company ("Shares").

 

Purchase of Shares by Jann Brown

Jann Brown, the Managing Director of the Company, purchased 381,909 Shares at a purchase price of £0.24875 per Share. The Shares were purchased on the open market.

Including the shares acquired through the vesting and exercise of DSBP Awards set out below, Jann Brown acquired a total of 820,080 Shares. Following these acquisitions, Jann owns a total of 1,536,692 representing 0.347% of the issued share capital (excluding treasury shares).

 

Vesting and Exercise of Deferred Bonus Awards

 

The DSBP Awards vested and exercised are set out in the table below. The Awards were originally granted in 2019 and 2020 to vest and become exercisable after two years at nil cost in respect of a proportion of the performance related annual bonus earned in the 2018 and 2019 financial years.

 

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)

Ed Story

9 January 2020

317,971

133,765

£0.24875

184,206

16,271,613

3.677%

Jann Brown

3 January 2019

235,469

nil2

N/A2

235,469

1,536,692

0.347%

Jann Brown

9 January 2020

202,702

nil2

N/A2

202,702

Dr Mike Watts

3 January 2019

235,469

110,894

£0.24875

124,575

1,083,348

0.245%

Dr Mike Watts

9 January 2020

202,702

95,462

£0.24875

107,240

1. 14,596,613 Shares (3.298%) are held personally by E Story. 1,675,000 Shares (0.379%) are held through The Story Family Trust, a closely associated person to Ed Story.

2. Jann Brown satisfied all tax liabilities arising on exercise personally and no Shares were sold to cover this.

 

The shares delivered to the Directors under the DSBP 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 vesting and exercise of these Awards. 

 

For further information, please contact:

Pharos Energy plc    Tel: 0207 603 1515

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, Vietnam and Israel. In Egypt, until completion of the farm-out to IPR Energy announced on 15 September 2021 (the "Farm-out Transaction"), 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 southwest of Cairo. It is operated by Petrosilah, a 50/50 JV between Pharos and the Egyptian General Petroleum Corporation (EGPC). Similarly, until completion of the Farm-Out Transaction occurs, 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 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. In Israel, Pharos together with Capricorn Energy PLC (formerly known as Cairn Energy PLC) and Israel's Ratio Oil Exploration, have eight licences offshore Israel. Each party has an equal working interest and Capricorn Energy is the operator.

 

Details of the person discharging managerial responsibilities

Name

JANN BROWN

Reason for the notification

Position/status

Managing Director

 

Initial notification /Amendment

Initial notification

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Name

PHAROS ENERGY PLC

 

LEI

549300DDKLXYLLO4N524

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

Description of the financial instrument, type of instrument

 

Identification code

 

ORDINARY SHARES OF £0.05 EACH

 

 

GB00B572ZV91

Nature of the transaction

 

 

Acquisition of Shares

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£0.24875

381,909

 

Aggregated information

 

Aggregated volume

 

Price

 

 

 

 

381,909

 

£94,999.86

Date of the transaction

 

13/01/22

Place of the transaction

 

X-LON

 

 

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

 

 

1.  Exercise of nil-cost share awards under the Company's Deferred Share Bonus Plan 2014.

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)

317,971

Sale of proportion of resulting shares

Price(s)

£0.24875

Volume(s)

133,765

 

d)

 

Aggregated information

 

Aggregated volume

 

Price

Transaction type

Aggregated Volume(s)

Price(s)

 

Exercise of share awards

317,971

£0.00

Sale of a proportion of resulting shares

133,765

£33,274.05

e)

 

Date of the transaction

 

13/01/2022

f)

 

Place of the transaction

 

X-LON

           

 

 

1

 

Details of the person discharging managerial responsibilities

a)

Name

JANN BROWN

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

 

 

Exercise of nil-cost share awards under the Company's Deferred Share Bonus Plan 2014.

c)

 

Price(s) and volume(s)

 

 

 

Exercise

Price(s)

£0.00

Volume(s)

438,171

 

d)

 

Aggregated information

 

Aggregated volume

 

Price

 

 

 

N/A single transaction

e)

 

Date of the transaction

 

13/01/22

f)

 

Place of the transaction

 

X-LON

 

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

 

 

1.  Exercise of nil-cost share awards under the Company's Deferred Share Bonus Plan 2014.

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)

438,171

Sale of proportion of resulting shares

Price(s)

£0.24875

Volume(s)

206,356

 

d)

 

Aggregated information

 

Aggregated volume

 

Price

 

Transaction type

Aggregated Volume(s)

Price(s)

 

Exercise of share awards

438,171

£0

Sale of a proportion of resulting shares

206,356

£51,331.05

e)

 

Date of the transaction

 

13/01/22

f)

 

Place of the transaction

 

X-LON

 

 

 

 

 

 

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