Pharos Energy PLC announced that its Chief Executive Officer, Jann Brown, and Chief Financial Officer, Sue Rivett, have purchased ordinary shares of the company. Jann Brown acquired 30,936 shares, increasing her total holding to 2,277,737 shares, representing 0.541% of the company's issued capital. Sue Rivett purchased 4,607 shares, bringing her total holding to 287,916 shares, equivalent to 0.068% of the company's issued capital.
Pharos Energy PLC is an independent oil and gas exploration and production company listed on the London Stock Exchange. The company has interests in Egypt and Vietnam. In Egypt, Pharos holds working interests in the El Fayum Concession and the North Beni Suef (NBS) Concession. In Vietnam, the company has working interests in Block 16-1 and Block 9-2, as well as a 70% interest in Blocks 125 & 126.
The El Fayum Concession in Egypt, where Pharos holds a 45% working interest, produces oil from 10 fields and is operated by Petrosilah, a joint stock company between IPR Lake Qarun, part of IPR Energy Group, and the Egyptian General Petroleum Corporation (EGPC). In Vietnam, Pharos has interests in the shallow water Cuu Long Basin and the moderate to deep water Phu Khanh Basin.
The share purchases by the directors demonstrate their confidence in the company's growth and returns to stakeholders. The acquisitions were made on the open market pursuant to trading plans entered into by each director. This news reflects the directors' commitment to the company's long-term success and their belief in its strategic direction.