Pharos Energy plc

("Pharos" or the "Company" or, together with its subsidiaries, the "Group")

Increase in Director/PDMR Shareholdings

The Company announces that, on 10 May 2024, its Executive Director and Persons Discharging Managerial Responsibility ("PDMRs") increased their shareholdings pursuant to the vesting of nil-cost share awards ("Awards") under the Company's Deferred Share Bonus Plan 2014 ("DSBP") over ordinary shares of £0.05 each in the Company ("Shares"), as set out in the table below.

The Awards were originally granted in 2022 to vest and become exercisable after two years at nil cost in respect of a proportion of the performance related annual bonus earned in the 2021 financial year.

*Includes accrued dividends

The shares delivered to the Directors under the DSBP 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 vesting and exercise of these Awards. 

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. 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.