TIDMPHAR
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 GBP0.05 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 GBP0.24875 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 Shares Aggregate Shares Total number % of
Vested/exercised sold to Price Acquired of Shares Company's
settle achieved and held held Issued
tax following Share Capital
liabilities transactions (excluding
and treasury
associated shares)
costs
arising
on exercise
9 January
Ed Story 2020 317,971 133,765 GBP0.24875 184,206 16,271,613 3.677%
============ ================= ============== =========== ========== ============== ==============
3 January
Jann Brown 2019 235,469 nil(2) N/A(2) 235,469 1,536,692 0.347%
============ ================= ============== =========== ========== ============== ==============
9 January
Jann Brown 2020 202,702 nil(2) N/A(2) 202,702
============ ================= ============== =========== ========== ============== ==============
Dr Mike 3 January
Watts 2019 235,469 110,894 GBP0.24875 124,575 1,083,348 0.245%
============ ================= ============== =========== ========== ============== ==============
Dr Mike 9 January
Watts 2020 202,702 95,462 GBP0.24875 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 ORDINARY SHARES OF GBP0.05 EACH
instrument, type of instrument
Identification code GB00B572ZV91
============================================================
Nature of the transaction Acquisition of Shares
============================================================
Price(s) and volume(s) Price(s) Volume(s)
GBP0.24875 381,909
==========
============================================================
Aggregated information
* Aggregated volume 381,909
GBP94,999.86
* Price
============================================================
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 Initial notification
/Amendment
=============================== ==============================================================
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 ORDINARY SHARES OF GBP0.05 EACH ("SHARES")
financial instrument,
type of instrument
GB00B572ZV91
Identification code
=============================== ==============================================================
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) Volume(s)
GBP0.00 317,971
==============
Sale of proportion of resulting
shares
Price(s) Volume(s)
GBP0.24875 133,765
==============
=============================== ==============================================================
d) Aggregated information Transaction Aggregated Volume(s) Price(s)
type
* Aggregated volume
* Price
=============================== ======================= ====================== =============
Exercise of 317,971 GBP0.00
share awards
=============================== ======================= ====================== =============
Sale of a proportion 133,765 GBP33,274.05
of resulting
shares
=============================== ======================= ====================== =============
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 Initial notification
/Amendment
========================== =========================================
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 ORDINARY SHARES OF GBP0.05 EACH
financial instrument,
type of instrument
GB00B572ZV91
Identification code
========================== =========================================
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) Volume(s)
GBP0.00 438,171
==========
========================== =========================================
d) Aggregated information
N/A single transaction
* Aggregated volume
* Price
========================== =========================================
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 Initial notification
/Amendment
========================== ===========================================================
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 ORDINARY SHARES OF GBP0.05 EACH
financial instrument,
type of instrument
GB00B572ZV91
Identification code
========================== ===========================================================
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) Volume(s)
GBP0.00 438,171
==============
Sale of proportion of resulting
shares
Price(s) Volume(s)
GBP0.24875 206,356
==============
========================== ===========================================================
d) Aggregated information Transaction Aggregated Volume(s) Price(s)
type
* Aggregated volume
* Price
========================== ===================== ===================== =============
Exercise of 438,171 GBP0
share awards
========================== ===================== ===================== =============
Sale of a proportion 206,356 GBP51,331.05
of resulting
shares
========================== ===================== ===================== =============
e) Date of the transaction 13/01/22
========================== ===========================================================
f) Place of the transaction X-LON
========================== ===========================================================
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END
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