Pharos Energy PLC Board Change (4792S)
March 17 2021 - 02:00AM
UK Regulatory
TIDMPHAR
RNS Number : 4792S
Pharos Energy PLC
17 March 2021
17 March 2021
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries,
the "Group")
Board Change
Pharos Energy plc, an independent oil and gas exploration and
production company, is pleased to announce the appointment of Sue
Rivett to the Board as Chief Financial Officer ("CFO") effective 1
July 2021. Jann Brown, who is currently Managing Director ("MD")
and CFO, will remain as MD, focused on delivering the next phase of
the Group's strategic plan.
Sue Rivett, currently Group Head of Finance and UK General
Manager, has been with the Company for over five years. Prior to
joining Pharos, Sue held senior finance roles with Conoco, ARCO
British (subsidiary of Atlantic Richfield Company), JKX Oil &
Gas plc and Seven Energy. Sue's various roles have included heading
up full FTSE finance functions including finance, taxation,
treasury, IT, corporate planning and Company Secretary. She was
Head of ARCO British trading arm's back office and mid office and
has considerable joint venture experience and numerous years
M&A experience. Sue is a Fellow of the Chartered Institute of
Management Accountants ("FCMA") with international experience and
over 37 years in the energy business.
All three current executive directors, Jann Brown, Ed Story
(CEO) and Mike Watts (MD), have also volunteered to reduce their
salaries by 50%, effective 1 April 2021, as an ongoing commitment
to capital discipline and the reduction of G&A costs. This
extends the significant voluntary salary reductions made by the
executives since May 2020.
John Martin, Chair of Pharos commented:
"On behalf of the Board I would like to congratulate Sue on her
new role and wish her every success as CFO. She has valuable skills
and experience which have already contributed to the team and to
the Company and we look forward to a long and successful journey
together through the next stage of Pharos. Jann's commitment is
exceptional and we fully understand her decision to focus on her
role as MD of the business."
Jann Brown, CFO and MD commented:
"I am delighted that Sue is succeeding me as CFO. Sue and I have
worked closely over the last four years, and she has made an
outstanding contribution to the Group. It has been an incredible
period of change for the company and the oil and gas industry, and
I look forward to continuing to work with the Board and the team at
Pharos in the next phase of the business."
The Company confirms that there are no additional matters
requiring disclosure under rule 9.6.13 of the Listing Rules.
Pharos Energy plc Tel: 020 7747 2000
Ed Story, President and Chief Executive Officer
Jann Brown, Managing Director and Chief Financial Officer
Mike Watts, Managing Director
Sharan Dhami, Group Head of Investor Relations
Camarco Tel: 020 3757 4980
Billy Clegg | Owen Roberts | Monique Perks
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, headquartered in London and listed on the London
Stock Exchange. Pharos has production, development and/or
exploration interests in Egypt, Israel and Vietnam.
In Egypt, 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 south west of Cairo. It is operated
by Petrosilah, a 50/50 JV between Pharos and the Egyptian General
Petroleum Corporation (EGPC). 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 Israel, Pharos together with Cairn Energy plc and Israel's
Ratio Oil Exploration, have eight licences off shore Israel. Each
party has an equal working interest and Cairn is the operator.
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.
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