Pharos Energy Share Discussion Threads

[glavey] 21/4/2024 07:47

She's WFH, that maybe a push too far...

[yasx] 19/4/2024 13:30

Surely Jann can announce that they have secured the rig before she departs. It would perhaps be her biggest achievement - actually, on reflection, her only achievement.

Come on Jann, do give it a push.

[cwa1] 18/4/2024 12:07

Please can you sell some Phoenix shares as well :-))

[stepone68] 18/4/2024 12:01

"stepone68 3 Apr '24 - 14:26 - 8338 of 8347

By coincidence I'm about to transfer my SIPP and had to turn everything into cash to speed the process up, so I am no longer a Pharos shareholder for the first time in over 20 years."

It hasn't escaped my notice that since my sale on the 3rd the share price is up 15%

:-(

[cwa1] 16/4/2024 10:27

Snippet from Progressive Research report:-

Delivering on operations and balance sheet Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022)and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends, and to start to increase investment in 2024, including exploration in Block 125 in Vietnam, which if successful would be a key driver of shareholder value.

▪Profits hit by non-cash impairment. Pharos announced a net loss after tax of US$48.8m (FY22: US$24.4m profit), as it incurred a non-cash impairment of US$65.4m (FY22: impairment reversal of US$27.9m). Net cash from operating activities was US$44.9m (FY22: US$53.4m).

▪Strong balance sheet. With strong operating cash flow and Egyptian farm-out proceeds covering a significant proportion of capital investment, Pharos reduced net debt to US$6.6m at year-end (FY22: US$28.9m). In March, Pharos announced that it hasreceivedpayment of US$10m of receivables from the Egyptian state company, EGPC, which will largely fund its share of operational and capital expenditure in Egypt for 2024.

▪Operational performance. On the operational side, in Vietnam the recent lateral well drilled on CNV came on production significantly above expectations, allowing production to hold steady at 5,127 boepd in 2023 (2022: 5,418 boepd). In Egypt, Pharos has made a discovery in North Beni Suef and added two new production wells, although, as guided by management, production fell to 1,381 bopd in 2023 (2022: 1,748 bopd).

▪Outlook. Production guidance for 2024 is 5,200-6,500 boepd, comprising 3,900-5,000 boepd from Vietnam and 1,300-1,500 bopd from Egypt. In Vietnam, further development drilling is planned for 2H 24 on the TGT field, with expectations of an exploration well on Block125, with farm-out discussions in hand. In Egypt, the expectation is for capital allocation to continue to be modest, with activity focused on low-cost re-completions and waterflood activities on El Fayum. Total capex planned for 2024 is US$32.0m, of which US$4.9m is covered by the farm-out in Egypt.

▪Valuation. The US$279.3m valuation of tangible assets in Pharos’s balance sheet reflects the NPV of 23.5 mmboe of 2P reserves as at 31 December 2023 based on Brent oil prices of $81.5 for 2024, $79.0 for 2025 and $79.2 for 2026. This valuation is reflected in the net asset value of $273.5m

[glavey] 16/4/2024 07:07

It was all the fault of shareholders because they approved it. 215m, a farm and remittance frustration - said so in the acquisition circular apparently.

[oilinvestoral] 13/4/2024 12:35

I can't see the post. The PM is filtered no doubt he's having a grudge or gripe of some sort. Have a nice weekend everyone

[nigelpm] 12/4/2024 20:36

Some truly silly questions.. I have no idea why people bother with such levels of irrationality.

[yasx] 12/4/2024 18:50

It costs to be stupid; the more stupid you are, the more it costs.

[oilinvestoral] 12/4/2024 16:33

They answered my question about avoiding M&A in Egypt. Lesson learned . Shame it cost us 215 million to learn it

[oilinvestoral] 12/4/2024 16:32

lol either him or his pugnacious side kick ! Only they could be so naive lol

[yasx] 12/4/2024 16:24

Indeed I did Al.

The answer to 29 suggests Empty is still a shareholder!!

I am also responsible for questions 23, 24 and 28.

Just wanted to put the boot in one last time before Jann sails off into the sunset.

[cwa1] 12/4/2024 15:36

Cheers, thanks oiA

[oilinvestoral] 12/4/2024 14:23

Yas Did you ask questions 29 and question 30 ? Lolhttps://www.investormeetcompany.com/meetings/2023-preliminary-results

[oilinvestoral] 12/4/2024 14:22

They've uploaded responses to the unanswered questions.https://www.investormeetcompany.com/meetings/2023-preliminary-results

[yasx] 10/4/2024 16:08

Inching higher....sellers drying up.

[mjcferguson] 05/4/2024 12:37

Balance sheet a lot stronger though,increased oil price helps as Will some cash flow from Egypt.Blocks 125 and 126 look to have great potential though,hopefully rig can be booked soon.

[glavey] 05/4/2024 08:11

Investor meet: what a vapid bunch they are and hardly a straight answer to any of the questions, just waffle. Well past retirement age, she ain't kiddin'.

[wdkeyes] 03/4/2024 15:33

I find this whole thing with the Egyptian payouts completely suspect. They owe foreign companies an enormous amount of money, because they have been dishonestly and illegally withholding payments due (on money earned by those companies). Now they get a massive handout from the world bank / european union and "spend" a portion of that to settle a fraction of their debts to these companies. It's like even more money is being sunk into a corrupt black hole. Is there any long term likelihood that they will pay their future obligations out of earnings that these companies legitimately generate ? I have my doubts. This makes future investment there just a total write off. What a catastrophic event getting involved in Egypt was for this company.

[oilinvestoral] 03/4/2024 14:57

The Jann question was clearly asked by someone who has been happy clapping and cheering the BOD. Someone who was disappointed that Jann was leaving! Anyone who has read my posts over the past 5 years knows I was one of the most vocal against the BOD's shambolic performance! Back in the iggy bin you go ! Every time I think may be you might start to add some value & i temporarily unfilter you, you seem to his a new low! No time for pugnaciousness ! ciao (you're back on filter)!

[nigelpm] 03/4/2024 14:40

The stupidity of the Jann question reminded me of those that thought Mitch Flegg was immediately leaving as CEO of Serica - I had my idea of whom I thought had asked it.

[ohisay] 03/4/2024 14:37

Investor Meet.

[stepone68] 03/4/2024 14:26

By coincidence I'm about to transfer my SIPP and had to turn everything into cash to speed the process up, so I am no longer a Pharos shareholder for the first time in over 20 years. In theory I'll be buying them back after the transfer is complete, but maybe it's time to move on ... !

[stepone68] 03/4/2024 14:24

Is there a replay available?

[oilinvestoral] 03/4/2024 14:07

"I should point out Al I have enjoyed reading your exchanges with Nigel on the SQZ thread (a Co. in which I have an investment). I have resisted the temptation to join in."-------LOL Yas ! The only thing worse than a pompous accountant with a bad attitude, is a pompous accountant with a bad attitude who also can't count! It's really not very difficult! If you wait until a future date the reserves will increase and therefore the denominator in the $/bbl equation will change. That's why the headline rate on the date of the acquisition is what an acquisition should be based on. Based on Ganett we should get a further upgrade in SQZ later this year or early 2025. He will probably use those figures to make the acquisition cost seem even better lol! It's literally one of the worst North Sea acquisitions in history and I have been in the Northsea since the barrels were blue ;-) ! I definitely don't need any oil company analysis advice from a failed accountant who literally gets his investment ideas from Twitter. His previous investments include 4D pharma and PLOX! While the former has gone kaput, he still frequents the BB of the latter acting as a board detractor / naysayer! The only person that has a worse track record than EE is the pugnacious moaner! Whenever I see he is invested in something, I immediately end my interest. Other than SQZ, JSE (both of which I held before him) and PHAR , I don't have any common shares with him and don't plan to. I was recently considering buying back into THS as I thought it was oversold and is 40% lower than where I previously sold it. When I realised he was a holder, I immediately ended my interest!