27 March
2024
Pharos
Energy plc
("Pharos"
or the "Company" or, together with its subsidiaries, the
"Group")
Directorate change
Pharos Energy plc, an independent
energy company, announces that CEO Jann Brown has informed the
Board of her intention to retire and step down from the Board
effective 30 April 2024. The search for a replacement CEO will
commence shortly and Jann has agreed to stay in her position as CEO
to effect a managed and smooth transition.
John Martin, Chair, commented:
"I
would like to take this opportunity to thank Jann for her
significant contribution to Pharos over the years. Since the
events of Covid-19 rocked the energy markets, Jann has overseen a
dramatic stabilisation of the Company, a significant reduction in
debt levels, a substantial increase in free cash flow generation
and a return to shareholder distributions. Jann will be leaving the
Company in a strong position, both financially and operationally.
On behalf of the entire Board, we wish Jann well in her
retirement.
"A
process to appoint a successor will commence
shortly."
The Company confirms that there are
no additional matters requiring disclosure under LR 9.6.13 of the
Listing Rules.
Enquiries
Pharos Energy plc
Tel: 020 7747 2000
John Martin, Chair
Camarco
Tel: 020 3757 4980
Billy Clegg | Andrew Turner | Rebecca
Waterworth | Kirsty Duff
Notes to editors
Pharos Energy plc is an independent
energy company with a focus on sustainable growth and returns to
stakeholders, which is listed on the premium segment of the London
Stock Exchange. Pharos has production, development and/or
exploration interests in Egypt and Vietnam. In Egypt, Pharos holds
a 45% working interest share in the El Fayum Concession in the
Western Desert, with IPR Lake Qarun, part of the international
integrated energy business IPR Energy Group, holding the remaining
55% working interest. The El Fayum Concession produces oil from 10
fields and is located 80 km southwest of Cairo. It is operated by
Petrosilah, a 50/50 joint stock company between the contractor
parties (being IPR Lake Qarun and Pharos) and the Egyptian General
Petroleum Corporation (EGPC). Pharos also holds a 45% working
interest share in the North Beni Suef (NBS) Concession in Egypt,
which is located immediately south of the El Fayum Concession. The
first development lease on the NBS Concession was awarded in
September 2023 and production started in December 2023. IPR Lake
Qarun holds the remaining 55% working interest in the NBS
Concession, with development operations on the Concession currently
undertaken by Petrosilah on behalf of the newly formed joint
operating company, Petro Beni Suef. The first exploration phase
under the NBS Concession expired in March 2024 with all work
programme commitments completed. 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 (CNV)
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, exploration
Blocks 125 & 126, located in moderate to deep water in the Phu
Khanh Basin, north east of the Cuu Long Basin, offshore central
Vietnam.