Pharos Energy PLC has announced the grant of share awards to its Executive Directors and Persons Discharging Managerial Responsibilities (PDMRs). The awards include nil-cost options under the Deferred Share Bonus Plan and nil-price options under the Long-Term Incentive Plan. The shares granted under the Deferred Share Bonus Plan are equivalent to the relevant proportion of the 2023 annual bonus deferred and will generally vest over two years from the date of grant. The shares granted under the Long-Term Incentive Plan will generally vest over three years from the date of grant, subject to certain performance conditions and a subsequent two-year holding period for the Executive Director.
Jann Brown, Chief Executive Officer, was granted 591,851 shares under the Deferred Share Bonus Plan, while Sue Rivett, Chief Financial Officer, was granted 394,567 shares. Additionally, Sue Rivett was granted 2,592,139 shares under the Long-Term Incentive Plan, and Mohamed Sayed, Group Head of Technical, was granted 300,000 shares under the same plan.
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 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 offshore central Vietnam.
The company's operations in Egypt include a 45% working interest share in the El Fayum Concession, which produces oil from 10 fields and is located 80 km southwest of Cairo. In Vietnam, Pharos has a 30.5% working interest in Block 16-1, which contains the Te Giac Trang (TGT) field, and a 25% working interest in the Ca Ngu Vang (CNV) field located in Block 9-2. Pharos also holds a 70% interest in, and is designated operator of, Blocks 125 & 126, located in the Phu Khanh Basin, offshore central Vietnam.
The company's focus is on sustainable growth and returns to stakeholders, and it is dedicated to its exploration and production activities in both Egypt and Vietnam.