Pharos Energy plc announced that as part of the post transaction restructuring, Ed Story will step down from the Board and 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.

Also 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.