REG - Pharos Energy PLC - Directorate Change

Pharos EnergyAnnouncement

03/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240503:nRSC0744Na&default-theme=true

RNS Number : 0744N  Pharos Energy PLC  03 May 2024

 

Pharos Energy plc

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

 

Directorate change

Pharos Energy plc, an independent energy company, announces that Marianne
Daryabegui, independent Non-Executive Director, will retire from the Board of
Directors of Pharos at the conclusion of the Company's forthcoming annual
general meeting (AGM) on 23 May 2024.

 

Accordingly, resolution 6 within the notice of the AGM, proposing the
re-appointment of Marianne Daryabegui, will be withdrawn from consideration at
the meeting.

 

John Martin, Chair, commented:

"Marianne has served as an independent Non-Executive Director of the Company
for more than eight years over two separate terms. In that time she has
overseen significant organisational and strategic change and has consistently
provided the Board and the Company with a high standard of advice and
strategic oversight as it navigated those changes, drawing on her extensive
experience in industry and capital markets. On behalf of the entire Board, I
would like to thank Marianne for her valuable contribution to the business
throughout her service as a Director. We wish her all the very best in her
future endeavours.".

 

 

Enquiries

 

 

Pharos Energy plc
 
Tel: 020 7747 2000

John Martin, Chair

 

Camarco
 
Tel: 020 3757 4980

Billy Clegg | Andrew Turner | Rebecca Waterworth | Kirsty Duff

 

Notes to editors

Pharos Energy plc is an independent energy company with a focus on sustainable
growth and returns to stakeholders, which is listed on the premium segment of
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. The first development lease on the NBS
Concession was awarded in September 2023 and production started in December
2023. IPR Lake Qarun holds the remaining 55% working interest in the NBS
Concession, with development operations on the Concession currently undertaken
by Petrosilah on behalf of the newly formed joint operating company. The first
exploration phase under the NBS Concession expired in March 2024 with all work
programme commitments completed. 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, exploration Blocks 125 &
126, located in moderate to deep water in the Phu Khanh Basin, northeast of
the Cuu Long Basin, offshore central Vietnam.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAQLLFBZELBBBE