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 Marianne Daryabegui, independent
Non-Executive Director, will retire from the Board of Directors of
Pharos at the conclusion of the Company's forthcoming annual
general meeting (AGM) on 23 May 2024.
Accordingly, resolution 6 within the
notice of the AGM, proposing the re-appointment of Marianne
Daryabegui, will be withdrawn from consideration at the
meeting.
John Martin, Chair, commented:
"Marianne has served as an independent Non-Executive Director
of the Company for more than eight years over two separate terms.
In that time she has overseen significant organisational and
strategic change and has consistently provided the Board and the
Company with a high standard of advice and strategic oversight as
it navigated those changes, drawing on her extensive experience in
industry and capital markets. On behalf of the entire Board, I
would like to thank Marianne for her valuable contribution to the
business throughout her service as a Director. We wish her all the
very best in her future endeavours.".
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. 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, northeast of the Cuu Long Basin, offshore central
Vietnam.