Pharos Energy PLC Director/PDMR Shareholding (4441N)
February 01 2021 - 1:30AM
UK Regulatory
TIDMPHAR
RNS Number : 4441N
Pharos Energy PLC
01 February 2021
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries,
the "Group")
DIRECTOR/PDMR SHAREHOLDINGS
Increase in Director Shareholdings
The Company announces that on, 29 January 2021, its Chief
Executive Officer, Ed Story, increased his shareholdings pursuant
to the vesting of contingent share awards ("Awards") under the
Company's Deferred Share Bonus Plan 2014 ("DSBP") over ordinary
shares of GBP0.05 each in the Company ("Shares"), as set out in the
table below. The Awards were originally granted in 2019 to vest
after two years in respect of a proportion of the performance
related annual bonus earned in the 2018 financial year.
The Board has determined that, in this instance, it serves the
best interest of the Company and its shareholders, with the
agreement of Mr Story, to deliver only the net number of Shares
after deducting the number of Shares that otherwise would be sold
in the market to settle the tax liabilities associated with the
settlement of these Awards. Therefore, no Shares will be sold as
the associated tax liabilities will be settled by the Company. The
Shares being delivered to Mr Story 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 satisfaction of these Awards.
Director Awards Vested Shares to Shares to Total number % of Company's
be deducted be delivered of Shares Issued Capital
for associated held following (excluding
tax purchase treasury
shares)
Ed Story 383,792 141,315 242,477 16,087,407(1) 3.64%
============== ================ ============== ================ ================
1. 14,412,407 Shares (3.26%) are held personally by E Story.
1,675,000 Shares (0.38%) are held through The Story Family Trust, a
closely associated person to Ed Story.
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, 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, were successful in their bid for eight
licences in the second offshore bid round in 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.
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 Acquisition of shares following settlement
of share awards under the Company's Deferred
Share Bonus Plan 2014.
========================== ==============================================
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.00 242,477
==========
========================== ==============================================
d) Aggregated information N/A single transaction
========================== ==============================================
e) Date of the transaction 29/01/21
========================== ==============================================
f) Place of the transaction Outside a trading venue
========================== ==============================================
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