Director/PDMR Shareholding

Pharos Energy plc

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

DIRECTOR/PDMR SHAREHOLDINGS

Increases in Director Shareholdings

The Company announces that on, 27 April 2020, Persons Discharging Managerial Responsibilities ("PDMRs") increased their shareholdings pursuant to the vesting and exercise of 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 2018 to vest after two years in respect of a proportion of the performance related annual bonus earned in the 2017 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 the PDMRs, 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, and the PDMRs are retaining the net shares received. The shares being delivered to the PDMRs 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.

1. 12,645,188 Shares (3.18%) are held personally by E Story. 1,675,000 Shares (0.42%) 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 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.