Pharos Energy PLC has announced an increase in shareholdings by its Executive Director and Persons Discharging Managerial Responsibility (PDMRs) through the vesting of nil-cost share awards under the Company's Deferred Share Bonus Plan 2014. The Awards, originally granted in 2022, vested after two years at nil cost in respect of a proportion of the performance-related annual bonus earned in the 2021 financial year. The shares delivered to the Directors under the DSBP are from those held by the Pharos employee benefit trust to satisfy such Awards, resulting in no increase in the issued share capital of the Company.
Sue Rivett, Chief Financial Officer, exercised 145,431 shares and sold 68,491 shares to settle tax liabilities and associated costs arising on exercise. This resulted in an average price achieved of £0.226207, with a total of 368,981 shares held following the transactions, representing 0.088% of the Company's Issued Share Capital (excluding treasury shares). Jann Brown, Chief Executive Officer, exercised 598,510 shares and sold 281,867 shares to settle tax liabilities and associated costs arising on exercise. This resulted in an average price achieved of £0.226207, with a total of 2,622,077 shares held following the transactions, representing 0.624% of the Company's Issued Share Capital (excluding treasury shares).
Pharos Energy plc is an independent oil and gas exploration and production company listed on the London Stock Exchange. The company has production, development, and/or exploration interests in Egypt and Vietnam. In Egypt, Pharos holds interests in the El Fayum Concession and the North Beni Suef (NBS) Concession, while in Vietnam, it has interests in Block 16-1 and the Ca Ngu Vang (CNV) field. Additionally, Pharos holds interests in Blocks 125 & 126, located in the Phu Khanh Basin, offshore central Vietnam.
The increase in shareholdings by the Company's Executive Director and PDMRs reflects their confidence in the Company's performance and future prospects. This move aligns with Pharos Energy's focus on sustainable growth and returns to stakeholders, as it continues to pursue its exploration and production activities in Egypt and Vietnam.