01 July
2024
Pharos
Energy plc
("Pharos"
or the "Company" or, together with its subsidiaries, the
"Group")
Directorate Change
Appointment of Chief
Executive Officer
Pharos Energy plc, an independent
energy company, is delighted to announce the appointment of
Katherine Roe as the Company's new Chief Executive Officer (CEO)
with immediate effect.
Katherine has over 20 years of senior
corporate, industry and capital markets experience and most
recently served as the CEO of Wentworth Resources plc (Wentworth),
having been appointed to that role in 2019 after initially serving
as Wentworth's Chief Financial Officer. During her time at
Wentworth, Katherine successfully worked with the company's
partners and government stakeholders to optimise the asset,
materially increase production and secure future re-investment. As
a key strategic partner for host government, Wentworth balanced
positive social, economic and environmental impact alongside
tangible shareholder returns by way of both dividend and capital.
These tangible returns were ultimately realised when, as CEO,
Katherine negotiated and oversaw the successful sale of Wentworth
by way of recommended cash offer to Maurel et Prom, which completed
in December 2023. Prior to joining Wentworth, Katherine spent 11
years at Panmure Gordon & Co, where she headed up the Natural
Resources team, with a principal focus on the oil and gas sector.
Katherine has experience across a number of international
jurisdictions with exposure to emerging and development
markets.
On appointment, Katherine will serve
as a member of the board of directors (the Board) and the ESG
Committee of the Board.
Jann Brown, who retired from the
Board on 30 April 2024 but has remained as CEO pending appointment
of a permanent successor, has agreed to continue at Pharos for a
brief transition period to support Katherine's initial service with
the Company.
For the purposes of LR 9.6.13 of the
Listing Rules, the Company confirms that Katherine Roe was a
director of Wentworth Resources plc (incorporated in Jersey with
registered number 127571), ITM Power plc (incorporated in England
and Wales with registered number 05059407)
and Longboat Energy plc (incorporated in England and Wales with
registered number 12020297) during the previous five years. She is
no longer a director of any of those companies. The Company further
confirms that there are no additional matters requiring disclosure
under LR 9.6.13.
The Company further confirms that, in
connection with her appointment as CEO, Katherine Roe will today be
awarded under the Company's Long Term Incentive Plan nil-cost
options over 2,934,899 ordinary shares of the Company. These awards
will generally vest over three years from the date of grant,
subject to the satisfaction of certain performance conditions and
will be subject to a subsequent two-year holding period.
Appointment of Chief
Operating Officer
Pharos is also delighted to announce
the appointment today of Mohamed Sayed, latterly Group Head of
Technical and General Manager, Middle East, as the Company's new
Chief Operating Officer (COO). This represents a significant
expansion of Mohamed's role in Pharos, and reflects his
contribution and value to the Company as its senior technical
officer since joining in 2019. Since that time Mohamed has
collaborated extensively with the team in Vietnam to restart
investment in TGT and CNV following the impact of the COVID-19
pandemic, with six new wells drilled in 2021 and 2022. In Egypt,
Mohamed led the team responsible for delivery of the Third
Amendment to the El Fayum Concession announced in January 2022,
increasing contractor take by from c.42% to c.50% on that asset,
and was the key contributor to the successful farm out of El Fayum
to IPR completed in March 2022. More recently, Mohamed oversaw the
Pharos input to the successful recent exploration operations on the
North Beni Suef Concession, resulting in the grant of a new 20-year
development lease and progression from drilling to first oil
production in only nine months.
Mohamed will continue to be
designated a person discharging managerial responsibilities (PDMR)
in the new role.
John Martin, Chair, commented:
"I
am delighted to welcome Katherine to the Board as CEO. Her
experience managing Wentworth Resources and its business in
Tanzania, engaging with key stakeholders in-country and eventually
selling the company to Maurel et Prom, added significant value to
Wentworth shareholders and will be of great value to us. I very
much look forward to working with her and the rest of the team to
take Pharos into its next strategic stage. I would like to thank
Jann for her years of service to Pharos as Managing Director/ CFO
and CEO.
"Congratulations to Moh on his appointment to COO. Moh has
been instrumental as Head of Technical and General Manager, making
a significant impact on both our Vietnam and Egypt operations and
in building in-country relationships. The refreshed team will work
to continue to drive delivery on all fronts."
Enquiries
Pharos Energy plc
Tel: 020 7747 2000
John Martin, Chair
Minh-Anh Nguyen, Investor
Relations
Camarco
Tel: 020 3757 4980
Billy Clegg | Andrew Turner | Violet
Wilson | 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 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 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.
1
|
Details of the person discharging managerial
responsibilities
|
a)
|
Name
|
KATHERINE ROE
|
2
|
Reason for the notification
|
a)
|
Position/status
|
Chief Executive Officer
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
PHAROS ENERGY PLC
|
b)
|
LEI
|
549300DDKLXYLLO4N524
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
a)
|
Description of the financial
instrument, type of instrument
Identification code
|
ORDINARY SHARES OF £0.05
EACH
GB00B572ZV91
|
b)
|
Nature of the transaction
|
Grant of nil-price options under the
Pharos Energy plc Long-Term Incentive Plan
|
c)
|
Price(s) and volume(s)
|
Price(s)
|
Volume(s)
|
£0.00
|
2,934,899
|
|
d)
|
Aggregated information
|
N/A single transaction
|
e)
|
Date of the transaction
|
1 July 2024
|
f)
|
Place of the transaction
|
Outside a trading venue
|