13th Jan 2022 13:58
Pharos Energy PLC - oil and gas exploration, development and production in Egypt, Vietnam and Israel - Jann Brown will take over as its new chief executive once the transfer of the operatorship of its Egyptian assets is completed, which Pharos expects to happen in the first quarter of this year. Back in September, Pharos announced the farm-out of a 55% share of its interest in the El Fayum and North Beni Suef concessions to IPR Energy AG, a oil and gas exploration and production company with projects in Egypt. The deal received approval from the Egyptian Parliament late last month. Brown will take over from Ed Story, who will step down from the board as CEO after leading the company for 20 years, since its listing on the London Main Market back in 1997. Story will remain as president of Pharos's producing Vietnam business.
Brown has been on the board of Pharos as managing director since 2017. She formerly was managing director and chief financial officer of Cairn Energy, now called Capricorn Energy PLC. To reduce the size of the Pharos board, Rob Gray will depart at the May annual general meeting. Gray has served on the board for nine years, including as deputy chair. Additionally, Mike Watts will leave the board upon the deal completion, having served the company for 25 years.
Chair John Martin says: "I much look forward to continuing to work with Jann to manage our portfolio to deliver growth and value. Jann has the skills and experience needed to lead the company into this next phase."
Current stock price: 25.53 pence, down 3.7% on Thursday
12-month change: up 23%
By Tom Waite; [email protected]
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