Pharos Energy plc announced the appointment of Katherine Roe as the Company's new Chief Executive Officer (CEO) with immediate effect. On appointment, Katherine will serve as a member of the board of directors 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.

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.

Pharos also announced the appointment 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.