Pharos Energy plc, an oil and gas exploration and production company, is pleased to announce a number of Board changes in the context of Pharos' transaction with IPR as announced on 15 September 2021. On completion of this transaction, expected to take place in Q1 2022, Pharos will transfer the operatorship of its assets in Egypt, whilst retaining ownership of its significant non-operated positions.
On completion of this transaction, Jann Brown will assume the role of Chief Executive Officer ("CEO") as one of two Executive Directors alongside Chief Financial Officer ("CFO") Sue Rivett. Jann has been on the Board of Pharos Energy as Managing Director since 2017 and was formerly Managing Director, Chief Financial Officer and Executive Director of Cairn Energy PLC (now Capricorn Energy PLC) where she led the initial public offering of Cairn India Limited and its ultimate sale to Vedanta Resources.
Also on completion, Ed Story will step down from the Board as CEO, after leading the Company for over 20 years since its admission to the main market in 1997. Ed will remain as President of the Vietnam business, which provides both current cash flow and growth potential to the Group. In addition, as part of the post transaction restructuring, Dr Mike Watts will step down from the Board on completion. Mike has been closely associated with the Company for over 25 years, since its pre-IPO inception, and has been closely involved in building its international portfolio during this period including its current projects in Vietnam and Egypt. Mike will be available to advise the Board for a period in relation to its ongoing interests as the Company may require. Finally, in support of the policy to slim down the Board and having served as Non-Executive Director, Senior Non-Executive Director and Deputy Chairman in his nearly 9 years on the Board, Rob Gray has indicated that he will not be putting his name forward for re-election as a Director at the next AGM in May. We thank Rob for all his support over the years.
The result of these changes will be to reduce the size of the Board from nine Directors (four Executives and five NEDs) to six (two Executives and four NEDs).
John Martin, Chair of the Board, commented:
"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."
"I would like to take this opportunity to thank Ed for his considerable contribution to Pharos over many years. Ed's leadership of this Company, which over his tenure has returned $526 million of capital to shareholders, has set the foundation for Pharos' next phase of growth. We are delighted that he will stay with us to help the management of our relationships in Vietnam. I would also like to thank Mike for his long-term dedication to the Company and for the important contributions he has made."