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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pharos Energy Plc | PHAR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 1.60 | 7.48% | 23.00 | 16:35:26 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 21.40 | 21.40 | 23.50 | 23.00 | 21.40 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 18/09/2024 | Interim | GBP | 0.00363 | 19/12/2024 | 20/12/2024 | 22/01/2025 |
| 27/03/2024 | Final | GBP | 0.0077 | 13/06/2024 | 14/06/2024 | 19/07/2024 |
| 06/12/2023 | Interim | GBP | 0.0033 | 21/12/2023 | 22/12/2023 | 24/01/2024 |
| 06/12/2023 | Final | GBP | 0.0033 | 21/12/2023 | 22/12/2023 | 24/01/2024 |
| 22/03/2023 | Final | GBP | 0.01 | 15/06/2023 | 16/06/2023 | 12/07/2023 |
| Top Posts |
|---|
Posted at 23/10/2024 09:31 by adam I haven’t formed a view on the new management. However there is the small matter of a new rather large and activist shareholder that I hope underwrites the value here. Most investors here are not interested in the dividend so much as the risk/reward if 125 gets drilled. The biggest risk seems to me to be a cheap bid. |
Posted at 23/10/2024 09:10 by yasx One has to consider the opportunity cost of holding Pharos - unless the dividend is increased substantially it brings into play the logic of holding on to the shares given the very low probability of the current team doing anything beyond the basics. While Jann was there hope existed that she may be replaced. Her replacement is, in my view, a backward step and I was hardly a supporter of Jann.An even bigger blow has been the appointment of Sayed - I simply cannot see him making any progress on any front. He is not only complacent but completely useless. |
Posted at 15/10/2024 18:16 by yasx It seems they have very poor negotiating and planning skills - the rig is only part of the problem.I know they have advised that partners they are in negotiations with have indicated any partnership is contngent upon securing a rig, but I doubt they are in actual constructive negotiations with anyone. I fear that is just a smokescreen. Promoting Sayed renders void any chance of them progressing anything - it just seems to be going backwards. We could do with a matked increase in the dividend while we wait. Regrettably 125 remains a distant dream for now. Simply reiterating every six months that rig availability is tight and they are in active advanced discussions with multiple partners is meaningles twaddle. |
Posted at 30/9/2024 18:02 by oilinvestoral Jeffries are pretty negative on oil and oil companies over the short to medium term. They've reduced their target price for most companies including ENOG, HBR , SQZ , TLW, DEC & KOS on the same note they issued this morning. PHAR & CNE were the only 2 that got minor upgrades. |
Posted at 25/9/2024 06:56 by cwa1 In a first for Pharos, they've been descibed as "exciting"!!Progressive Investment Research have issued research this morning entitled: Excitement picking up Excitement picking up Pharos Energy released its interim results on 18 Septemberwith the group reporting net income of US$15.3m compared to a loss of US$14.3m a year earlier. This increase was mainly due to a reversal of impairments.The most impressive feature was that Pharoshas shown a major strengthening of its balance sheet, with the groupmoving to net cash as it benefits from strong cash flow, additional payment of receivables from Egypt and a relatively low level of capex. These factors have combined toallow management to increase returnsto shareholders, as well as moving the business back onto a growth footing. The operational delivery is impressive, and there is clear potential for more. ▪Strong balance sheet–debt free. Pharos Energy has an exceptionally strong balance sheet. The group had net cash at the end of June of US$17.5m (compared to net debt of US$6.6m at the end of 2023) as itwas able to benefit from strong free cash flowand the additional payment of receivables in Egypt.Currently the group is debt free. The balance sheet islikely to tightenmodestly as capital expenditure is ramped up,but this will stimulate growth.The lack of debt gives management more flexibility in its operations. ▪Back to growth. Thefirst half of 2024 was relatively quiet for the group with capital expenditure being a modest US$6.8m. However, activity is being ramped up,with capex for the full year targeted at US$26m (after the Egyptian carry). The cash is being channelled into wells in Vietnam and Egypt,which should help to grow production. In Vietnam, management is working on five-year extensions of licences,leading to targeting additional reserves and production. Pharoshas also started a two well programme onthe TGT field with the ambition to start increasing production. The group continuesto have discussionsover the farm-out of Blocks 125 and126 ahead of drilling in 2025.In Egypt,exploration and development drilling has now commenced. ▪Cash back to shareholders.Pharos, with its strong balance sheet, continues to return cash to shareholders. With the results, Pharosannounced thatitintends to pay a 2024 interim dividend of 0.363p/share,represe |
Posted at 18/9/2024 07:34 by cwa1 ...and a snippet from Auctus...Very strong financials. Busy drilling programme in 2H24. Dividend up by 10% • 1H24 production of 5,851 boe/d had been reported previously. • Pharos has re-iterated its FY24 production guidance of 5.2-6.5 mboe/d. The company expects to spend US$26 mm (net) capex in 2024 (US$27 mm previously). • The highlight of this announcement is the strong financials. While the net cash of US$17.5 mm at the end of June is in line with what had been reported previously, the 1H24 operating cashflow had been negatively impacted by an inventory build of ~US$12 mm. This implies that the net cash position adjusted for this inventory build would have been ~US$12 mm above our forecasts. Because the inventory build is mostly associated with Vietnam, it is expected to be reversed in 2H24. • In early 2H24, Pharos repaid all its outstanding bank debt. • The company has declared an interim dividend of 0.363 p per share. This represents an increase of 10% compared to last year. Assuming a similar 10% increase in the final dividend would lead to a dividend yield of almost 5% in 2025. • We reiterate our target price of £0.50 per share. The US$3 mm share buyback programme will provide support to the share price (only US$1.1 mm has been spent in 1H24) |
Posted at 18/9/2024 07:25 by cwa1 Small snippet from this morning's Shore Capital update:-Pharos Energy has published a reassuringly straightforward H1 release with FY24 production guidance unchanged and drilling now underway in both Vietnam and Egypt. The interim dividend of 0.363p/share is in line with our expectations. Our FY25F EBITDAX and FCF estimates are nudged up by 2.6% and 7.8% respectively. Our Tangible NAV estimate is unchanged at 49p/share. HOUSE STOCK |
Posted at 18/9/2024 06:18 by cwa1 PHAR InterimsPharos Energy plc ("Pharos" or the "Company" or, together with its subsidiaries, the "Group") Interim results for the six months ended 30 June 2024 Pharos Energy plc, an independent energy company with assets in Vietnam and Egypt, announces its interim results for the six months ended 30 June 2024. A conference call for analysts will take place at 09.00 BST today. Katherine Roe, Chief Executive Officer, commented: "Since joining as CEO in July, I have found a solid operational business with quality assets delivering stable production and robust cash flows, an impressive team, and a strong financial base. Alongside this, the improving macro environment in Egypt has seen our receivables position improve significantly with over $20m received year to date. This financial strength allows us to announce today the intention to pay an interim dividend of 0.363 pence per share for the current financial year, a continuation of the existing share buyback programme and, importantly, the repayment of all our outstanding debt. We are proud of our Company moving to a net cash position of $17.5m at 30 June and, subsequent to that, is now debt-free. "We have a solid foundation from which to build on and move forward to grow value in both Vietnam and Egypt. We benefit from having assets with catalysts. In Vietnam, actively progressing the license extensions will unlock appraisal potential. In Egypt, our consolidation proposal will provide enhanced fiscal terms to encourage appropriate re-investment. This will all be considered within the framework of a strict and transparent capital allocation policy that is balanced appropriately and with the priority on evaluating opportunities that can deliver the highest return to shareholders. "I want to thank shareholders for their continued support and look forward to updating the market on our upcoming activity." 1H Operational Highlights · Group working interest 1H production was 5,851 boepd net (1H 2023: 6,915 boepd net), in line with full year guidance: o Vietnam 1H production 4,456 boepd (1H 2023: 5,566 boepd) o Egypt 1H production 1,395 bopd (1H 2023: 1,349 bopd) · In Vietnam: o Surface and subsurface optimisation to ensure stable TGT and CNV 1H production o Approval of the TGT Revised Field Development Plan (RFDP) by the Ministry of Industry and Trade (MOIT) o Agreement between Partners and PetroVietnam (PVN) on the terms and work programme commitments for the extension period of the TGT and CNV five-year licence extension applications; which now await formal approval o Progressing the opportunity in Block 125 with long lead items ordered in August 2024 · In Egypt: o Focus on workovers, recompletions, and water injection to bring low-cost barrels to production and build reservoir energy for future drilling o Preparation for exploration and development drilling programmes o Processing and interpretation of the recently acquired 3D Seismic in NBS 1H Financial and Corporate Highlights · Net cash as at 30 June 2024 of $17.5m1,2 (30 June 2023: net debt of $16.4m)1,2 · Group revenue $65.0m3 (1H 2023: $86.2m)3 · Net profit $15.3m (1H 2023: $14.3m net loss), including $12.6m of restructuring expenses, re-measurements and impairments (1H 2023: $(15.2m)) · Cash generated from operations $44.3m3 (1H 2023: $43.4m)3 · Egypt receivables reduced with $14.8m received from EGPC in 1H 2024 and an additional $4m received on 1 July 2024 · Operating cash flow $27.9m4 (1H 2023: $21.3m)4 · Cash operating costs $17.09/bbl1 (1H 2023: $14.14/bbl)1 · Cash balances as at 30 June 2024 of $30.7m (30 June 2023: $35.9m) · Forecast cash capex for the full year is $31m ($26m after Egyptian carry by IPR), of which $6.8m had been incurred by 30 June 2024 · Katherine Roe appointed CEO and Mohamed Sayed promoted to COO effective 1 July 2024 · Commitment to shareholder returns continues with an interim dividend of 0.363 pence per share in respect of the year ended 31 December 2024 and continuation of the current phase of the share buyback programme, with $1.1m of the $3m incurred by the end of June 2024 1 See Non-IFRS measures on page 31 2 Includes RBL and National Bank of Egypt working capital drawdown 3 Stated after realised hedge losses of $0.1m in the period (1H 2023: no realised hedge gains or losses) 4 Operating cash flow = Net cash from operating activities, as set out in the Cash Flow Statement Outlook · 2024 production guidance of 5,200 - 6,500 boepd net remains unchanged: o Vietnam 2024 production guidance 3,900 - 5,000 boepd net; Egypt 2024 production guidance 1,300 - 1,500 bopd net · Vietnam o Two-well TGT infill drilling programme commenced on 26 August 2024 o Awaiting CNV RFDP approval, expected in Q4 2024, enabling further development drilling on CNV to commence in 2025 o TGT and CNV five-year licence extensions well advanced; once signed, this will enable commitment to further investment in both fields o Discussions ongoing with potential farm-in partners and rig contractors required to progress Block 125 · Egypt o Expected completion of the exploration commitment well on El Fayum in 4Q o Processing of c.130km2 of 3D seismic data on NBS underway and expected to complete in 4Q o Discussions ongoing on the consolidation proposal following the initial feedback from EGPC |
Posted at 23/5/2024 06:33 by cwa1 2024 AGM Trading and Operations UpdateJann Brown, Chief Executive Officer, commented: "The Company has entered 2024 in a strong operational and financial position. Production for the first four months of the year is in line with guidance, with both Vietnam and Egypt contributing as expected. A significant milestone for Pharos was the receipt of $13.8m from EGPC, over $10m of which was paid in USD, 37% of our year-end receivables balance. These payments are a testament to the strength of our relationships with key stakeholders and our persistence in lobbying. Together with the strong cash generation from operations, this has enabled us to pay down $21m of our outstanding debt, leaving our total Group debt as at 23 May at $13m and net cash position at $8.7m. "We remain committed to the on-going share buyback programme and, subject to shareholder approval at today's AGM, expect to pay the final dividend for 2023 of 0.77p per share on 19 July, having paid the interim dividend of 0.33p per share on 24 January. "In Egypt, we are preparing to drill in both El Fayum and NBS later this year, while in Vietnam, preparations are well advanced for our 2H two-well drilling programme on TGT. I am pleased with the recent progress made on the licence extension discussions on both TGT and CNV, while in Egypt we are pursuing a consolidation of our two concessions into one to deliver a number of benefits. On Blocks 125 & 126 in Vietnam, we are progressing options to secure a drilling slot for Prospect A, the key catalyst for parties interested in farming in to these licences. "Finally, I announced my intention to retire as CEO of Pharos at the Preliminary Results in March and will remain in the post until my successor has been appointed to ensure a smooth transition. The Company will inform the market once that appointment has been made." |
Posted at 16/1/2024 07:39 by cwa1 Pharos Energy plc("Pharos" or the "Company" or, together with its subsidiaries, the "Group") Trading and Operations Update January 2024 Pharos Energy plc, an independent energy company, issues the following trading and operations update to summarise recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2023 and outlook guidance for 2024. This is in advance of the Company's Preliminary Results on 27 March 2024. The information contained herein has not been audited and may be subject to further review and amendment. Jann Brown, Chief Executive Officer, commented: "Pharos delivered a strong operational performance across the portfolio in 2023 and there is significant operational momentum going into 2024. The Group had success on drilling in both Vietnam, with the CNV well coming in strongly, and in Egypt, with discoveries on the first NBS exploration well and the El Fayum exploration well. On Block 125, parallel discussions with several potential farm-in partners are ongoing and we have joined forces with another operator in the region to enhance our position in the rig market. "The Company has built solid foundations of sustainable cash generation from a robust and diverse production base, which enabled us to make returns of $8.4m to shareholders, invest in our assets and reduce our net debt to c.$6.5m, despite the ongoing payment lags in Egypt. Alongside this solid base, in Block 125 in Vietnam we have an exploration prospect which offers significant upside potential and we are progressing plans to drill as quickly as possible. We continue to execute on our strategy of regular returns to shareholders plus growth, and we look forward to delivering value for all shareholders in 2024 and beyond." Operational Highlights -- Group working interest 2023 production was 6,508 boepd net (2022: 7,166 boepd net), in line with 2023 guidance: o Vietnam 5,127 boepd (2022: 5,418 boepd) o Egypt 1,381 bopd (2022: 1,748 bopd) -- In Vietnam: o On TGT, Revised Field Development Plan ("RFDP") approved by MOIT on 9 January 2024 o On CNV, strong performance from first new lateral well, delivered on time and under budget and put on production in 1Q 2023 o CNV RFDP submitted to partners for approval, with discussions ongoing o Initial positive feedback received from PVN and MOIT on five-year extension proposals to the TGT & CNV licences o On Blocks 125 & 126, two-year PSC extension granted to 8 November 2025 o CPR for Block 125 published in July 2023, confirming a range of gross unrisked prospective oil resources of between 1,178 MMstb (1U) and 29,785 MMstb (3U) with a Mean value of 13,328 MMstb -- In Egypt: o Three new wells (2 producers and 1 injector) put on production and injection in 2023 in line with expectations o On El Fayum, exploration success with the first commitment well in the Abu Roash G and Upper Bahariya formations in July 2023. The well is set up for re-entry and testing in 2024 o On NBS, first exploration commitment well (NBS-SW1X) declared a commercial discovery in April 2023 and put on production in December 2023, opening up a new area for production and development o Second NBS exploration commitment well was drilled in the Abu Roash G formation at a deeper depth and failed to encounter oil-bearing sands. The result of this well does not hinder other mapped prospects in the concession o Approval received from EGPC in December 2023 for the grant of a 20 year development lease for NBS-SW1X o 3D seismic survey acquired on time and on budget in 2H 2023 Financial Highlights -- Group revenue for 2023 was c.$168m with minimal hedging losses (2022: $221.6m before hedging loss of $22.5m) o Vietnam c.$149m o Egyptian c.$19m (1) -- Cash balances as at 31 December 2023 were c.$32.6m; net debt c.$6.5m (2022: cash balances $45.3m; net debt $28.9m) -- Egypt receivable position as at 31 December 2023 stood at $37.3m (31 Dec 2022: $24.2m). The continuing volatility of the macro-economic environment in Egypt and further devaluation of EGP against USD during the year, plus the lack of ability to convert EGP into USD, means that it remains preferable to continue to hold USD denominated receivables, other than where they can be used to fund ongoing expenditures on expiry of the carry from IPR -- The December redetermination process under the RBL completed with a principal repayment of $12.6m made in December 2023 -- Following that repayment, the remaining amount drawn under the RBL stands at $30.0m (1) (Egyptian revenues are given post government take including corporate taxes.) Corporate Highlights -- $3m share buyback programme substantially completed by year end 2023 -- Final dividend for the 2022 financial year of 1p per share, totalling $5.6m, paid on 12 July 2023 -- Net Zero roadmap published on 6 December 2023 -- Appointment of Dr Bill Higgs as a new independent Non-Executive Director, as announced separately today -- Appointment of Shore Capital Stockbrokers Limited (Shore Capital) as the Company's joint broker with immediate effect 2024 Outlook -- Group working interest production guidance of 5,200 - 6,500 boepd net: o Vietnam 3,900 - 5,000 boepd o Egypt 1,300 - 1,500 bopd -- In Vietnam: o Planning underway for a two-well TGT drilling programme, expected to commence 2H o On Block 125, ongoing discussions with another operator to secure a well drilling slot in connection with their proposed multi-well drilling programme in the region o Parallel discussions with several potential farm-in partners for Block 125 in progress -- In Egypt: o Continuation of modest and measured approach to capital allocation and drilling in El Fayum and NBS, with an eye on the receivables balance o Focus for this year's work programme in El Fayum is low cost recompletions and waterflood o Processing and interpretation of c.130km(2) of 3D seismic data on NBS is underway and expected to be completed in 2H o Development drilling in the NBS SW field planned to start in 2H -- Forecast Group cash capex in the year is expected to be c.$32.2m (c.$27.3m after Egyptian carry by IPR) -- Continuation of share buyback programme, with a further $3m committed as announced on 6 December 2023 -- Interim dividend in relation to the financial year ending 31 December 2023 of 0.33p per share declared on 6 December 2023, amounting to c.$1.8m, to be paid out on 24 January 2024. Final dividend, in line with the Company's policy announced in September 2022, to be paid in July 2024, subject to shareholder approval Ed Story The Company noted with great sadness the death of its founder, Ed Story, in December 2023. Since retiring as CEO in March 2022, Ed had remained active as part of the team dealing with Vietnam and his responsibilities will now pass to Vincent Duignan, the Group Exploration Manager & General Manager South East Asia. Vinny will be supported at Board level by Dr Bill Higgs, whose appointment as Non-Executive Director was announced today. |
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