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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
|
|
|---|---|---|---|---|
| 0.50 | 2.02% | 25.30 | 16:35:11 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 25.70 | 24.50 | 25.70 | 25.30 | 24.80 |
| 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 24/1/2025 22:20 by flyinghorse1 Oia - unfortunately not , been with SIA/PHAR for many ( double digit) yrs |
Posted at 23/1/2025 13:35 by cwa1 And some more from Auctus(again, sorry about formatting!)...FY24 in line. All eyes on Vietnam drilling and licence consolidation in Egypt • FY24 production was 5,801 boe/d including, 1,440 bbl/d in Egypt and 4,361 boe/d in Vietnam. This is in line with expectations. • The FY25 production guidance has been set at 5.0-6.2 mboe/d, including 3.6-4.6 mboe/d in Vietnam and 1.4-1.6 mboe/d. • The FY25 production guidance for Egypt is below our expectations, which had assumed a normalization of the business environment. This normalization would have led to increased investment and production. Consequently, we have deferred this growth in Egypt to 2026. Finalizing the consolidation of the Egyptian concessions will enable the company to commit more capital to Egypt and enhance production. • The FY25 capex budget is US$33 mm, including US$8 mm for Egypt (Auctus: US$22 mm), US$15 mm for TGT and CNV in Vietnam (in line) and US$8 mm for long items for Blocks 125 & 126 (Auctus: US$5 mm). • A positive result at the TGT appraisal well in 4Q25 could derisk ~3.5 mmboe and unlock further development wells. The well will be put on production if successful and boost FY26 production. • Pharos held US$16.5 mm in cash at YE24. Our forecast of US$18 mm assumed a faster repayment of receivables in Egypt (down by US$1.5 mm since the end of September). • As we incorporate YE25 net cash, the FY25 production guidance and work programme and a slower repayment of receivables in Egypt during 2025 (US$6 mm vs US$15 mm previously), we have changed our target price to £0.50/sh. The approval of the new FDPs for TGT and CNV, would increase our Core NAV by £0.03/sh. Successful appraisal at TGT and CNV would derisk ~5 mmboe of resources with an unrisked value of £0.15/sh. Refections on EnQuest’s acquisition of assets in Vietnam EnQuest is acquiring 7.5 mmbbl of net 2P reserves and 4.9 mmboe of net 2C resources (YE24) in Vietnam from Harbour Energy. The cash payment on closing in 2Q25 is expected to be ~US$35 mm. Assuming completion in mid-2Q25 and accounting for 5.3 mboe/d production in the interim period, EnQuest is effectively paying US$35 mm for 6.8 mmboe of 2P reserves at closing, implying a cost of around US$5.1/boe of 2P reserves. However, the break-even for Harbour’s assets is ~US$40/boe with minimal capex. This compares with less than US$20/boe opex plus ~US$6/boe royalty for Pharos, resulting in a US$14/boe netback difference in favour of Pharos. Valuation Our updated 2P NAV for the company is £0.29/sh, while our new ReNAV is £0.49/sh. We forecast that Pharos will hold ~US$25 mm in cash at YE25 after the payment of a dividend similar to 2024 (~4% yield). |
Posted at 21/1/2025 12:39 by oilinvestoral May seem realistic to Pharos shareholder but you need to look at it from a farm-in partner's POV. If I was wanting to farm-in, I would propose paying Pharos' back costs and a slightly higher percentage of the costs than my equality share rather than accepting to pay full well costs and give PHAR a free carry. I think that may be an issue here. Are PHAR willing to contribute to the well costs ? Or are they looking for a free ride ? |
Posted at 15/1/2025 20:54 by oilinvestoral "I have no idea of the chances just happy for a free roll of the dice or two". ---Well I do know what the chances are because I took the time to study the ERC Equipoise Competent Persons Report.Rolling the dice is fun but you can't used it calculate a tangible asset because none exists at this stage. There are no free rolls or free lunches in exploration. Even a free carried drill will cost us significant equity! Phar is undervalued but Just trying to add some realism to the debate |
Posted at 16/12/2024 17:49 by oilinvestoral One of the biggest positives for next year is that for the first time in 5 years, we won't have any interest to pay because we are net cash. The interest charges over the past 3 years have been between 6.0-6.8 million dollars per year. That's more than the entire dividend payment for 2023. The balance sheet has been completely transformed over the past 2-3 years ( mainly thanks to the very strong oil prices rather than anything the company has done). But this is the strongest that PHAR has looked since the ill-advised Merlon acquisition in 2019. |
Posted at 16/12/2024 13:47 by oilinvestoral New note from progressive: Nothing majorly different from what we already know but very positive. They forecast 47 million in net cash end of 25 which is similar to 50ish million I calculated using my spreadsheet. Their end of 2024 estimate is lower than mines though (that would explain the difference). Pharos Energy released an update on 5 December that highlights a pick-up in activity and a further strengthening in the balance sheet. The group had net cash at the end of November of approximately US$18m, which compares to US$17.5m at the interim stage and comes despite an increase in activity. The group has completed a two-well infill programme on the TGT field and drilled an exploration well in Egypt that encountered oil and will be tested in December. Pharos would appear to be in great shape going into 2025, which looks to be an exciting year for investors. Vietnam. Pharos completed a two-well infill programme on the TGT field, with both wells producing in line with expectations. Production for the year to date has been 4,324 bbl/day, which is in line with 2024 guidance of 3,900-5,000 bbl/day. The approval process for five-year licence extensions on both fields (TGT and CNV) is now in its final stages, which would allow the company to start further investment in the fields. Talks with potential farm-in partners and rig contractors continue on Blocks 125 and 126 in the underexplored Phu Khanh basin. These contains significant prospectivity with mean unrisked resources of 13.3 billion boe. Egypt. The group drilled a second commitment exploration well on the El Fayum PSC and found oil bearing reservoirs, which will tested in December 2024. Pharos has also brought a development well onstream. Working interest production at the end of November was 1,436 boe/day, which compares with an average of 1,395 boe/day in 1H 2024. The 3D seismic acquisition on the North Beni Suef PSC is expected to be completed in Q1 2025, with interpretation and mapping to follow. The consolidation discussions (for its two licences) continue, with EGPC (Egypt General Petroleum Corp) and IPR fully engaged and aligned. ? Finances. Net cash at the end of November was approximately US$18m compared to US$17.5m at the end of June 2024, despite the increase in expenditure, share buyback programme and dividend paid. Pharos continues to benefit from the continued payment of receivables from EGPC. By the end of November, the group had received US$24m (US$14.8m at the end of June). However, the receivables balance outstanding is stable at US$31.1m. Conclusion. With its strong balance sheet, Pharos is ideally placed to increase expenditure on its asset base in 2025, which could add significant shareholder value. |
Posted at 05/12/2024 08:50 by cwa1 Snippet from Auctus Research this morning:-Delivering payments from EGPC • Production from January to the end of November 2024 was 5,760 boe/d. This is line with our expectations. • FY24 production is expected to be around the same level. This is in line with our forecasts and within the FY24 production guidance range of 5.2-6.5 mboe/d. • The new wells at TGT are also performing in line with expectations and production in Vietnam from January to the end of November was 4,324 boe/d. This is in line with our forecasts. • The approval of the 5 year extension to the TGT and CNV licences is in its final stages. This is expected to allow Pharos to sanction additional wells and convert contingent resources into the reserves category. Pharos holds 11.9 mmboe 2C resources in Vietnam. • Net cash (zero debt) at the end of November was ~US$18 mm. This is in line with our YE24 net cash forecasts. An additional US$10 mm has been paid by EGPC since the end of June (total of US$24 mm at the end of November) and the trade receivables with EGPC are unchanged since the end of June (US$31 mm). • We reiterate our target price of £0.50 per share. The company has reiterated its commitment to the dividend and the US$3 mm share buyback programme will provide support to the share price. Valuation The key near terms newsflow includes (1) the 5 year extension of the TGT and CNV licence with the existing 2C resources having an unrisked value of £0.18 per share, (2) securing a rig and a farm-in partner on blocks 125 and 126 in Vietnam and (3) the continued stabilization of payments in Egypt. Finalizing the consolidation of the Egyptian concessions would also allow the company to commit more capital to Egypt and grow production. Our Core NAV and ReNAV are broadly unchanged at £0.32/sh and £0.51/sh respectively. |
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 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 |
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