Awards under Company's Long-Term Incentive Plan

Pharos Energy plc

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

DIRECTOR/PDMR SHAREHOLDINGS

Awards under the Company's Long-Term Incentive Plan

The Company announces that on 12 May 2020, its Persons Discharging Managerial Responsibilities ("PDMRs") were granted the following nil-cost share awards over ordinary shares of £0.05 each in the Company ("Shares") under the Company's 2011 Long Term Incentive Plan ("LTIP").

The number of shares under such awards is normally calculated based on a percentage of salary and the share price at the date of grant. The number of shares under these awards this year has instead been calculated using the higher share price at the date of grant of last year's awards (subject to adjustments in relation to exchange rate movements), resulting in the grant being over a significantly lower number of shares than would otherwise be the case.

These awards will generally vest over three years from the date of grant, subject to the satisfaction of certain performance conditions and a subsequent two-year holding period.

For further information, please contact:

Pharos Energy plc                                                                                                                                   Tel: 0207 603 1515

Tony Hunter, Company Secretary

Notes to editors

Pharos Energy 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 exploration interests in Egypt, Israel and Vietnam.

In Egypt, Pharos holds a 100% working interest in the El Fayum oil concession in the low-cost and highly prolific Western Desert, one of Egypt's most established and prolific hydrocarbon basins. The concession produces from 10 fields and is located 80 km south west of Cairo and close to local energy infrastructure. It is operated by Petrosilah a 50/50 JV between Pharos and Egyptian General Petroleum Corporation (EGPC). Pharos is also an operator with 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 blocks in the second offshore bid round in Israel. Each party has an equal working interest and Cairn is the operator.

In Vietnam, Pharos holds a 30.5% working interest in the Te Giac Trang (TGT) Field in Block 16-1, which is operated by the Hoang Long Joint Operating Company. Block 16-1 is located in the shallow water Cuu Long Basin, offshore southern Vietnam and a 25% working interest in the Ca Ngu Vang (CVN) Field in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Block 9-2 is 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.