Last checked at 4 Jul 2022 16:23
4 July 2022
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries, the "Group")
EBT Share Purchase
The Company was today notified that on 1 July 2022 and 4 July 2022, the SOCO Employee Benefit Trust ("EBT") purchased a total of 1,796,143 ordinary shares of £0.05 each in the capital of the Company ("Ordinary Shares"). On 1 July 2022, the EBT acquired 912,680 Ordinary Shares at an average price of £0.2200 and on 4 July 2022, the EBT acquired a further 883,463 Ordinary Shares at an average price of £0.2235. The combined average price per Ordinary Share for both purchases was £0.2218.
The Ordinary Shares were purchased by Intertrust Employee Benefit Trustee Limited as trustee of the EBT. Following the purchases, the EBT holds 2,126,857 Ordinary Shares, representing 0.471% of the issued share capital and 0.481% 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, Vietnam and Israel. 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 (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. In Israel, Pharos, together with Capricorn Energy PLC (formerly known as Cairn Energy PLC) and Israel's Ratio Oil Exploration, has eight licences offshore Israel. Each party has an equal working interest and Capricorn Energy is the operator.