REG - Pharos Energy PLC - Transaction in Own Shares

Pharos EnergyAnnouncement

02/09/2024 07:00

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RNS Number : 4147C  Pharos Energy PLC  02 September 2024

 

Pharos Energy plc

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

 

Transaction in Own Shares

 

Pharos Energy plc, announces that on 30 August 2024, in accordance with the
terms of the extension of its share buyback programme announced on 6 December
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.

 

 Date of purchases                                                                                                                                                                                                                                               30 August 2024

 Aggregate number of Ordinary Shares purchased                                                                                                                                                                                                                   83,615
 Highest price paid per share (pence per share):                                                                                                                                                                                                                 25.7960
 Lowest price paid per share (pence per share):                                                                                                                                                                                                                  25.7960
 Volume weighted average price paid per share (pence per share):                                                                                                                                                                                                 25.7960

Following the purchase and cancellation, the Company will have 425,212,335
Ordinary Shares of £0.05 each in issue, of which 9,122,268 Ordinary Shares
are held in treasury. Therefore, the figure of 416,090,067 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 of 27,133,092
Ordinary Shares for cancellation at a cost (excluding stamp duty and dealing
expenses) of £6,394,503.14.

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:

 Number of shares purchased  Transaction price (pence per share)  Time of transaction  Execution venue
 39,317                      25.7960                              09:54:27             XLON
 44,298                      25.7960                              09:56:08             XLON

For further information, please contact:

Pharos Energy plc
 
Tel: 0207 7747 2000

Katherine Roe, Chief Executive Officer

Sue Rivett, Chief Financial Officer

 

Camarco
 
Tel: 020 3757 4980

Billy Clegg |Rebecca Waterworth |Kirsty Duff |Andrew Turner

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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