Pharos Energy plc Announces Share Buyback and Cancellation

Pharos Energy plc

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

Transaction in Own Shares

Pharos Energy plc, announces that on 25 July 2023, in accordance with the terms of the extension of its share buyback programme announced on 12 January 2023 (the "Programme"), it purchased the following number of ordinary shares of £0.05 each in the Company ("Ordinary Shares") through Peel Hunt LLP ("Peel Hunt"). The shares purchased will be cancelled.

Following the purchase and cancellation, the Company will have  438,906,241 Ordinary Shares of £0.05 each in issue, of which 9,122,268 Ordinary Shares are held in treasury. Therefore, the figure of 429,783,973 may be used by shareholders as the denominator for calculating whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Since initiation of the earlier phase of the Company's share buyback programme announced on 20 July 2022, the Company has purchased a total 13,439,186 Ordinary Shares for cancellation at a cost (excluding stamp duty and dealing expenses) of £3,245,153.91.

In accordance with Article 5(1)(b) of the UK version of Regulation (EU) No. 596/2014 (the "Market Abuse Regulation") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, the tables below contain detailed information of the individual trades made by Peel Hunt as part of the Programme.

Individual transactions on LSE:

For further information, please contact:

Pharos Energy plc                                                                                                                                   Tel: 0207 7747 2000

Jann Brown, Chief Executive Officer      

Sue Rivett, Chief Financial Officer

Camarco                                                                                                                                                 Tel: 020 3757 4980

Billy Clegg | Georgia Edmonds | Rebecca Waterworth | Kirsty Duff

Notes to editors

Pharos Energy plc is an independent oil and gas exploration and production company with a focus on sustainable growth and returns to stakeholders, which is listed on the London Stock Exchange. Pharos has production, development and/or exploration interests in Egypt and Vietnam. In Egypt, Pharos holds a 45% working interest share in the El Fayum Concession in the Western Desert, with IPR Lake Qarun, part of the international integrated energy business IPR Energy Group, holding the remaining 55% working interest. The El Fayum Concession produces oil from 10 fields and is located 80 km southwest of Cairo. It is operated by Petrosilah, a 50/50 joint stock company between the contractor parties (being IPR Lake Qarun and Pharos) and the Egyptian General Petroleum Corporation (EGPC). Pharos also holds a 45% working interest share in the North Beni Suef (NBS) Concession in Egypt, which is located immediately south of the El Fayum Concession. IPR Lake Qarun operates and holds the remaining 55% working interest in the NBS Concession. In Vietnam, Pharos has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos' unitised interest in the TGT field is 29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang (CNV) field located in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Blocks 16-1 and 9-2 are 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.

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