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PHAR Pharos Energy Plc

0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Pharos Energy Plc PHAR London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 23.90 16:29:59
Open Price Low Price High Price Close Price Previous Close
23.50 23.50 23.90 23.90 23.90
more quote information »
Industry Sector

Pharos Energy PHAR Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 24/5/2024 11:25 by oilinvestoral
Actus note: Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four months Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt. This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt. • The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 & 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well
Posted at 23/5/2024 07:33 by cwa1
2024 AGM Trading and Operations Update

Jann 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 21/5/2024 08:16 by yasx

Until we get a replacement for Jann, there will be no sustained progress. Like everything else with Pharos, it is taking longer than expected.

I hope we can in due course get confirmation of a continuation of the buyback scheme and/or increased dividend. Pharos holders have been very patient and deserve that as a bare minimum.
Posted at 03/4/2024 14:07 by oilinvestoral
"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!
Posted at 03/4/2024 11:04 by yasx

Absolutely. I think a further increase to the dividend and buyback ought to happen in due course.

30p looks nailed on once the excitement around 125 starts to build. Some signs that things are finally about to gain traction on that front. Pharos is under the radar at the momnet, but that might change soon.

I note that Jann was asked regarding the intentions of Radoff - that is always a concern, and I think some balance is needed if he were to have a significant say in the new CEO, but his arrival has at least induced change at Pharos.
Posted at 27/3/2024 17:17 by yasx
OilAl - Of course some pressure has been exerted - she must have known things are going to get more not less difficult. In this way she departs in a sort of dignified manner.


If, as we suspect, Radoff has exerted some influence one thinks it likely he may have some input into the choice of subsequent CEO. That being the case, an appointment might be coming sooner than you think.

Financially the Co. looks in pretty good shape and the dividend needs to be increased, along with more aggressive buying back of shares at these levels. When the existing scheme expires, they ought to extend it. All that is needed is for someone to come in and improve production and get 125 moving - both those could propel the shares much higher from here.
Posted at 27/3/2024 11:52 by oilinvestoral
Ashkv/ LuckCounts Thanks for the relevant (Phar related) post ! You might want to remove it before the admin does ...
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.
Posted at 10/8/2023 07:51 by cwa1
Progressive Research have initiated coverage of Pharos...

(You need to sign up)

It's research is entitled Back To Growth and is written by Peter Hitchens

Initiating coverage: Back to growth
Like the rest of the industry, Pharos Energy was impacted by the Covid-induced collapse in the oil price, at a time when the company was heavily investing in Egypt. Net debt rose to US$57.5m at end-FY21. However, management has farmed out 55% of its Egyptian assets and put through significant cost-cutting measures, reducing debt to a more modest level of c.US$16m at the end of June 2023. Pharos is now in a position to restart returning cash to shareholders (via a dividend and buyback) and we believe it is set to increase investment, including commitment exploration, which should be a significant driver of shareholder value

...Valuation. We explore a potential value for Pharos’s assets through a RENAV (Risked Exploration Net Asset Value) analysis, using a conservative flat Brent oil price of US$65/bbl. We achieve a value of 38.4p/share, which could be boosted by an additional 7.0p/share should Pharos get paid for
its receivables and receive deferred cash payments for its Egypt farmdown. Note that this valuation is for information purposes only and does not represent a target price.
Posted at 25/5/2023 08:14 by ashkv
Sell PHAR Buy JSE.... No brainer...

Pharos Share Price: 22.6
PHAR Current Share Price vs 52 Week low of 17.75p on 23 Sep 2022: 27.32%
PHAR Current Share Price vs 52 Week High of 29.8 on 19 Apr 2022: -24.16%
Brent: $78.00
Brent Current Price Performance vs H2 2021 Low of $64.57: 20.80%
Market Cap (GBP): £97,420,896
GBPUSD: 1.235
Market Cap (USD): $120,314,807
Net Debt (USD) - 25 May 2023 Update: $29,000,000
Receivables (USD) - 25 May 2023 Update $29,000,000
Enterprise Value (USD) [Market Cap + Debt - Cash]: $149,314,807
PHAR Actual Average Production - FY 2022: 7,962
PHAR Production Mid-Guidance (6,050 - 7,500) FY 2023: 6,775
PHAR Actual Average Production Up To 30 Apr 23: 6,805
EV/BARREL- Actual Average Prod FY 2022: $18,753
EV/BARREL- USD Mid-Guidance FY 2023: $22,039
EV/BARREL- USD Actual Average Production Up To 30 Apr 23: $21,942
Shares Outstanding (24 May 2023): 431,065,912

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