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 33,305 shares, bringing her total to 2,224,680 shares, representing 0.532% of the company's issued capital. Sue Rivett purchased 4,960 shares, increasing her total to 283,309 shares, equivalent to 0.067% 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 and North Beni Suef concessions, and in Vietnam, it has interests in Block 16-1, Block 9-2, and 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 and Pharos, along with the Egyptian General Petroleum Corporation. 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. This move also reflects their commitment to the company's long-term success and sustainability.