Pharos
Energy plc
("Pharos"
or the "Company" or, together with its subsidiaries, the
"Group")
EBT Share
Purchase
The Company was notified on 13
December 2024 that, on 12 and 13 December 2024, the SOCO Employee
Benefit Trust ("EBT") purchased a total of 3,000,000 ordinary
shares of £0.05 each in the capital of the Company ("Ordinary
Shares at an average price of £0.226865.
The Ordinary Shares were purchased by
CSC Employee Benefit Trustee (Jersey) Limited as trustee of the
EBT. Following the purchases, the EBT holds 3,784,406 Ordinary
Shares, representing 0.71% of the issued share capital and 0.72% of
the total voting rights of the Company.
The EBT is a discretionary trust for
the benefit of the Group's employees, including the Executive
Directors of the Company. The Shares held by the EBT are intended
to be used to satisfy current and future share awards made under
the Company's employee incentive and share option award plans.
Whilst none of the Ordinary Shares held by the EBT have been
unconditionally allocated to any specific award(s), each Executive
Director of the Company is a potential beneficiary and for that
reason is technically deemed to have an interest in all of the
Ordinary Shares held by the EBT.
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 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 operates and holds the remaining 55% working interest in
the NBS 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 (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, Blocks 125 & 126, located in
the moderate to deep water Phu Khanh Basin, north east of the Cuu
Long Basin, offshore central Vietnam.