Pharos Energy Share Discussion Threads

[adam] 13/12/2024 12:05

Mopping up

[oilinvestoral] 13/12/2024 09:19

I would totally agree ! The downside protection is what prevented me from selling and moving on. Assuming roughly the same performance in 2025, we could end the year close to $50 million in net cash (9p/ share)! All the assets being valued at £60 million (which is way too cheap)! That's 65% less than we paid for Egypt but let's not go there! As for a certain failed councillor calling it a "no brainer" at over 400p... I just spat out my coffee in laughter ! Emphasis on the "no brain" part of "no brainer"!

[yasx] 13/12/2024 09:00

Oil,

I think Pharos has very good downside protection on current numbers - it is just that it lacks that spark to increase the m/c substantially after a decade of almost constatnt decline (when Empty called it a no brainer at 450p) A better leadership team could take this Co to a different level and still can- the current bunch are incapable of so doing.

[oilinvestoral] 13/12/2024 08:53

I think she's an upgrade from Jann (albeit minor upgrade).The extension in Vietnam does seem to be getting closer (assuming the company isn't telling porkies)The exploration drill imho will now be in 2026 based on progress to date (almost 10 years since they started the process of bidding for the blocks).EGPC is paying up slowly but surely. They just paid UOG a tranche earlier this week. I expect 2025 to be a much better year than 2024.

[yasx] 13/12/2024 08:26

Oul,

Perhaps he sees some skill or experience she has that is not obvious to others, but I doubt that. Her resume is weak.

Meanwhile another week goes by - no license extensions and no movement on block 125. These are the only two things that serve as catalysts to induce a move from the current rangebound price (or if Egypt suddenly decide to clear the entite receivables balance which is an impossibility )

[oilinvestoral] 12/12/2024 20:10

I also suspect he was involved in her appointment. Otherwise, why oust Jann only for the company to appoint someone else you don't approve of? I can't blame someone who owns nearly 20% for not buying even more. I've been adding as and when funds allow but even with my relatively modest holding (compared to his), I'm cautious about overexposure...

[yasx] 12/12/2024 08:51

Oil,

He did have the chance to increase his position significantly with the recent seller but elected not to do so - I have a suspicion he is behind KR’s appointment, something I just don’t understand.

[glavey] 09/12/2024 11:51

[8418] " Worth reading "

FWIW, I believe that contains a large dose self promotion.

[nigelpm] 08/12/2024 22:20

In full agreement with al. And for me a bit like malcy. Hopeless.

[oilinvestoral] 08/12/2024 19:02

Re the dividends increase: I would love to see it but it's unlikely to increase significantly in the short term IMHO! It's already above the company's official dividend policy of 10% of OCF. OCF would have to go up which is easier said than done IMHO!

[oilinvestoral] 08/12/2024 18:50

His vote in May will be very telling! If he doesn't vote against KR, it means she was hired with his blessing! I expect him to vote against Sue for the 4th year running and certainly vote against mumbling Mo! He hasn't gone full rogue / activist because he doesn't currently have the shares to enact any changes and get them across the line! Unfortunately PI's haven't supported him and neither have any of the heirs who inherited their holdings or the institutional investors !

[oilinvestoral] 08/12/2024 18:47

Oilman Dim is a charlatan who was charging newbies over £2,000 for access to his blog during the bull market of 2020-2021. He Blocked all those who were critical of his underhanded & scheming cash grab targeting newbies! Not to be trusted IMHO ! Claims to have industry insight but was caught out bullshining too many times. One to avoid IMHO! Definitely don't sign up to his blog ! Even though it's much cheaper these days due to lack of demand! As always DYOR & good luck all

[greyingsurfer] 08/12/2024 16:08

Paywall. What is it about? Blocks 125/6?

[cat33] 08/12/2024 15:51

Transformational if they pull it offhttps://oilman.beehiiv.com/p/oilman-jim-s-letter-december-8-2024Worth reading

[adam] 05/12/2024 21:24

Some reasonably chunky trades gone through today, so some appetite. I still see the risk of being taken private the biggest threat. You’d make money from here but miss out on the multi-bagger. It self finances!

[adam] 05/12/2024 21:00

There’s a continuing business there and now with the capital controls removed on Egyptian operations there is some progress on that front as well. Cheap as chips. With an asymmetric upside of a blockbuster in 125/6.

[greyingsurfer] 05/12/2024 19:47

TGT and CNV are drying up, but 125/6 may prove very interesting!

[oilinvestoral] 05/12/2024 19:37

"Seeking an extension for a "drying up" resource would be illogical at best."-----Completely missing the point there Adam! The licence extension converts 2C resources into reserves which can be exploited to stop the decline in said drying up asset! This one of the key near term value drivers here!

[adam] 05/12/2024 19:11

Seeking an extension for a “drying up” resource would be illogical at best.

[nigelpm] 05/12/2024 18:42

I think we might just concur completely there Al. Good to see. ;-) Hoping things have turned today at JSE also.

[oilinvestoral] 05/12/2024 18:35

The swing in cash from $6 million net debt at the end of 2023 to $18 million net cash now (while paying £4.2 million in dividends, buying back over £1 million worth of shares and investing in the assets ) is not too bad at all! I know a large chunk of that came from Egypt receivables which may not be repeatable long term but as long as Egypt continue to pay down our receivables balance in 2025 we could easily end the year with near $50 million in net cash (which is night & day from the $100 million net debt we were under a few years ago)! The big downside is that our cash cow (Vietnam ) is drying up fast and we need to find a new source of production ASAP. There's nothing in the share price right now for Vietnam exploration assets or potential licence extensions. As we have seen with SEA, there is some appetite for farm outs in Asia. If we can eventually secure a farm out with a free carry and some cash (like Seascape managed), the shares could do very well. Patience needed ! They don't seem to be breaking any speed records but I'm happy to get the dividend while I wait for the story to play out!

[muzerewa] 05/12/2024 11:12

absolutely right Nigel, the value is increasingly evident, even ignoring 125/126 upside. Since the share buybacks are happening at a snail's pace, time for a material bump up in the ongoing dividend levels?

[nigelpm] 05/12/2024 10:14

Cash building nicely now. Market cap not really reflecting that.

[richalert] 05/12/2024 10:12

I really struggle to see how it can be termed a productive year. Yes oil has been extracted and sold, and all debt has now been paid down, but production is continuing to drop year on year, and negotiations are continuing with farm in options. Let's just hope that the price of oil stays around here, and not drop away. I am nervous with Trump presidency starting in January.

[geckotheglorious] 05/12/2024 10:11

"2024 annual guidance of 5,200 to 6,500 boepd"


Wow you can drive a double decker bus through that spread.

Disappointing update once again.

Stock price wise this company has gone nowhere in so long...