Pharos Energy plc has announced that its Chief Executive Officer, Jann Brown, and Chief Financial Officer, Sue Rivett, have purchased shares in the company. Jann Brown purchased 29,896 shares, bringing her total number of shares held to 2,123,869, representing 0.499% of the company's issued capital. Sue Rivett purchased 4,453 shares, increasing her total number of shares held to 265,000, which represents 0.062% of the company's issued capital.
The shares were purchased on the open market at a price of £0.219 per share. These purchases were made in accordance with trading plans entered into by each director on 19 April 2022.
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 exploration interests in Egypt and Vietnam. In Egypt, Pharos holds a 45% working interest in the El Fayum Concession, which produces oil from 10 fields and is located 80 km southwest of Cairo. Pharos also holds a 45% working interest in the North Beni Suef Concession, located south of the El Fayum Concession. In Vietnam, Pharos has a 30.5% working interest in Block 16-1, which contains the Te Giac Trang field, and a 25% working interest in the Ca Ngu Vang field located in Block 9-2.
These share purchases by the directors demonstrate their confidence in the company and its future prospects.