PHAROS ENERGY PLC

Director's Dealing • Jan 14, 2022

National Storage Mechanism | Additional information

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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