TIDMPHAR
RNS Number : 7854V
Pharos Energy PLC
06 December 2023
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries,
the "Group")
Interim Dividend Declaration & Continuation of Share Buyback
Programme
Interim Dividend
In the Company's Interim Results announcement on 13 September
2023, the Company indicated an additional distribution to
shareholders would be considered within the parameters of the
sustainable regular dividend policy announced in September 2022.
Under the policy, Pharos intends to return to shareholders by way
of dividend no less than 10% of Operating Cash Flow (OCF) each year
in two tranches:
-- An interim dividend of around 33% of the previous year's
final dividend, payable in January of the following year; and
-- Subject to shareholder approval, a final dividend payable in July of the following year.
Consistent with the policy, the Board today announces that it
has resolved to declare and pay an interim dividend in relation to
the financial year ending 31 December 2023 of 0.33 pence per
ordinary share, amounting to approximately $1.8m. The estimated
total cost of the interim dividend assumes that the trustee of the
Pharos Employee Benefit Trust (EBT) will waive its right to receive
the dividend in relation to the ordinary shares held in the
EBT.
The key dates for this interim dividend are as follows:
-- Ex-dividend date: Thursday 21 December 2023
-- Record date *: Friday 22 December 2023
-- Payment date: Wednesday 24 January 2024
(* Only shareholders on the Pharos Energy plc register of
members as at close of business on the record date will receive the
interim dividend.)
Continuation of share buyback programme
Following the initiation of a share buyback programme to
purchase $3m (excluding stamp duty and expenses) of the Company's
ordinary shares in July 2022, and the commitment of a further $3m
(excluding stamp duty and expenses) to an extension of the
programme (the First Programme Extension) in January 2023, we are
pleased to announce that we expect to complete the First Programme
Extension around the end of the year. As at close of business on 5
December 2023, a total of 19.8 million shares have been repurchased
by the Company during the initial phase of the programme and the
First Programme Extension, at a daily average price of 23.7
pence.
The Board believes that the Company's shares are still trading
at a material discount to their underlying net asset value, and
remains of the view that on-market share repurchases is an
appropriate means of returning value to shareholders while this
remains the case. Therefore, the Company intends to continue with
the share buyback programme in 2024 by committing a further $3m
(excluding stamp duty and expenses). This further extension of the
programme (the Second Programme Extension), is expected to commence
following completion of the First Programme Extension.
As with the initial share buyback programme announced in July
2022 and the First Programme Extension announced in January
2023:
-- the Second Programme Extension will be conducted in
compliance with European Union (EU) Regulation No 596/2014 (MAR)
and the MAR buyback technical standards (Commission Delegated
Regulation (EU) 2016/1052) (the Technical Standards), both of which
form part of Retained EU Law as defined in the European Union
(Withdrawal) Act 2018;
-- the Company will not seek to rely on the safe harbour
conditions for trading set out in Article 3(2) and Article 3(3) of
the Technical Standards, given the limited liquidity in its
ordinary shares and the limitations that the conditions would
impose on the number of shares that can be purchased;
-- ordinary shares purchased under the Second Programme Extension will be cancelled; and
-- Peel Hunt LLP, the joint broker to Pharos, will manage the
Second Programme Extension and carry out on-market purchases as
principal, with the authority to enact purchases and make trading
decisions concerning the timing of the purchases independently of
the Company. Details of any and all purchases made under the Second
Programme Extension will be provided via RNS announcements and
published in the regulatory news section of the Company's
website.
Jann Brown, Chief Executive Officer commented:
"We are delighted to announce the interim payment for 2023 under
our dividend policy, which underpins our commitment to regular
shareholder returns. In addition, the Board believes that the
Company's shares continue to trade at a material discount to their
underlying net asset value and has committed a further $3m to the
share buyback programme.
"We look forward to continuing to deliver such returns in 2024
and beyond, supported by our prudent approach to financial
management and capital allocation for the benefit of all
stakeholders. "
Enquiries
Pharos Energy plc Tel: 020 7747 2000
Jann Brown, Chief Executive Officer
Sue Rivett, Chief Financial Officer
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 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 early production is underway from the first
discovery on the 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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END
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