Pharos Energy Share Discussion Threads

[oilinvestoral] 22/7/2024 17:57

Received mines on Friday and DRIPed into more PHAR shares. While the wait is frustrating, I'm feeling a lot more comfortable & positive about holding PHAR.

[oilinvestoral] 22/7/2024 17:55

2 after hours TR-1s 1 sold out and 1 new Switzerland based shareholder (Petra Fischer) taking 6.85% of the company ? Interesting ... Seems some deck shuffling going on ...

[cwa1] 19/7/2024 11:37

A very pleasant dividend has arrived in the account this morning :-)

[cwa1] 18/7/2024 07:28

Katherine Roe, Chief Executive Officer, commented:



"We are delighted to report a solid first half, both operationally and financially. Production remains within previously set guidance underpinning our strong net cash position and our commitment to sustainable shareholder returns through the Company's dividend policy and share buyback programme.

"The positive macro environment in Egypt has seen a significant improvement in our receivables position with c. $19 million received to date, substantially reducing our receivables balance. Further discussions continue regarding outstanding payments. The recent ratification of five petroleum agreements for onshore and offshore acreage further demonstrates the new Government's commitment to our sector.

"In parallel, we remain focused on near-term drilling and finalisation of the licence extensions for TGT and CNV in Vietnam to enable us to prioritise future investment to deliver additional volumes. We also continue to progress rig and farm-out discussions for Blocks 125 and 126, our significant exploration prospects."

[yasx] 15/7/2024 11:22

OilAl,

Excellent thoughts as usual.

I indicated in Q3 last year that I was not expecting any drilling in 24 and reading between the lines am very confident that is still the case.

As for Empty’s portfolio, it is actually a portfolio in that it is comprised of two shares - remnants of his Pharos holding amd his (rapidly reducing in value) position in Scancell.

[oilinvestoral] 15/7/2024 10:37

Hi Yas You've summarised the exchange from July 2021 very succinctly. For people who want to go and read the longer version of the debate , it is from post 6166 onwards on the other PHAR thread. I must admit even I (with my pessimistic hat on), was too hopeful. I said to him based on seismic analysis, farm-out, negotiations, well design, securing a rig and government approvals , the best case scenario is that they may be in a position to spud from Q4 2023 onwards but most likely in 2024! Even I was too optimistic...2nd half of 2024 and we are still waiting for a rig/ partner! He was adamant that they had a known targeted farm-in partner and therefore no data rooms, due diligence or negotiations were necessary and that the company will drill in Block 125 in 2022!!! More than 2 years later , we've done some well design sketches but don't have a rig or a competent partner ! Even if they did have a partner in mind , (which has now been proven not to be the case), surly anybody with more than a few brain cells could see that planning for drilling of a wildcat well & all the engineering that entails would take more than 12-18 months. But as you say being a failed local councillor says a lot about someone's practicality and common sense... LOL @ anybody with a pulse! PS: sorry to be pedantic Yasx, but I don't think you can call investing in a single company "having a concentrated portfolio"! By definition, there's no portfolio at all LOL!

[oilinvestoral] 11/7/2024 07:40

Indeed Greying Surfer! However, it certainly wasn't just myself that he was incessantly arguing with. There were at least over half a dozen posters that he was vociferously debating just about anything & everything with on a regular basis from historical buybacks & their merits to poor management performance, to how great the Merlon acquisition was and to how quickly a rig can be secured & an exploration well drilled in 125. All of the above while respectfully using his standard opening gambit of "DRIVEL!" to start each post. Indeed his argumentative nature was even mentioned in the book he was featured in as a "superstar" investor. If you argue with everyone and seem to have a problem with everything then may be you are the problem? Just a thought! There is certainly more harmony, less bad vibes, less arguments & vitriol over the past year on both ADVFN BBs and the volume of "drivel" (to borrow his phrase) has reduced substantially. I must admit i was initially very surprised by his adversarial & argumentative nature. It's unlike local UKIP politicians to be extremely intolerant of others ....

[wdkeyes] 10/7/2024 18:19

Bakhmut ? :-)

[greyingsurfer] 10/7/2024 10:37

I'm not in touch. He cut off communication over significant disagreements over B......t

[oilinvestoral] 10/7/2024 10:10

For what it's worth I'm ok with her appointment. I personally, would've preferred a technical CEO rather than a bean counter but others on the other page on ADVFN have been calling her a DEI hire (which I personally think is harsh). If you are in touch with him , do you mind asking him if he is still adamant that block 125 will be drilled in 2022? Refer to my previous exchanges with him where I spent days & weeks explaining and debating with him why data rooms, securing rigs and well designs for wild cats take years rather than a few months!Sometimes it's better to have a technical background rather than a political one when it comes to oil & gas....

[greyingsurfer] 10/7/2024 09:04

I think he means EE over on London South East, who takes a different view to OI on recent appointments. Though the site he's talking about seems somewhat less dead than this!

[bhoddhisattva] 10/7/2024 08:53

Which dead site and person is this oilinvestorAl?

[oilinvestoral] 06/7/2024 16:05

Hi YasX I accidentally stumbled across the dross site for the first time in many many months.The failed local politician who lost over 95% of his life savings holding on to this dog holding from 2014 to 2024 seeing the share price drop from 460p to 22p seems to having another aneurism over comments made on this BB.He might be having a go at the people who have called KR a DEI diversity hire or were negative about her appointment. Glad to see he is self combusting quietly on dead site so we don't have to be subjected his egotistical guff and drivel on a daily basis and twice on Sunday! Still ramping away , hinting about a sale of the company etc etc! Some things will never change! Remember he told us (based on his investment and technical experience & expertise that Snyder were going to drill block 125 in 2022! 2 years on and a rig still hasn't been contracted. Take what the empty vessel says with a pinch of salt! LMAO

[gooseman1979] 05/7/2024 14:17

As an ex-holder of Pharos and Wentworth, this appointment made me laugh. For those not familiar, go back and read some of the old Wentworth material. Lots of waffle as if they were the operator (they were not) in order to justify ridiculous G&A costs for the market cap, plus wall-to-wall ESG guff!

[mwj1959] 03/7/2024 09:24

Many WEN shareholders were not particularly enamoured with Ms Roe. Got paid lots as CEO of a company that had one asset, which they didn't operate and sold out at a price that many thought was too low. However, most of us made a decent profit in it, so shouldn't complain too much!

[oilinvestoral] 03/7/2024 08:36

I'm one of those. The company is in the best position it has been in for over half a decade.If they just keep production fairly flat at Vietnam and Egypt, they should generate enough cash flow over the next 3 years that equals the current market cap. Vietnam exploration & Egypt growth and Egypt receivables are thrown in for nothing. I can see 40-50p easy (assuming the right circumstances). Oil price , farm out, Egypt paying up etc.

[glavey] 03/7/2024 08:08

I guess there may still be a few who are holding out for something a little in access of that.

"It's a cosy job, but somebody has to do it."

[yasx] 02/7/2024 14:16

Very uninspiring choice of CEO - I thought Jann was handing the baton over to someone with the skills to take Pharos to the next stage in its development? Jann stated she had ensured financial stability in readiness for someone to come in and presumably ensure growth and operational excellence in developing/expanding the asset base.

Instead we have someone with negligible technical acumen, background in finance and frankly for the new CEO Pharos is a big step up requiring skills she may previously not have encountered.

As for the COO appointment, well, this chap has been part of a team that has failed to produce any meaningful output in Egypt and has failed to get hold of a rig in VN - yet he gets promoted.

Anything is an upgrade from Jann, but this appointment is inadequate in restoring Phaors to the Co. it once was.

I am still holding out for a 30p outcome in order to bank yet more profits. This may not be as attractive as it could be in the right hands, but Pharos holders have to take remind themselves that they ought not to let perfect be the enemy of the good.

[ashkv] 02/7/2024 10:03

Haha - got to take out the share performance frustrations / who else but CEO's as the buck stops with htem - and in particular those that hugely overpromise and underdeliver / much more so than the norm given that no one is perfect and very seldom does life/business plan go as one hopes.

I invest in many companies - and it is only a smattering of the very truant ones that draw my ire!!

I like the Enquest CEO since I have been invested, the Kistos CEO for the amount of money he had made me on Rockrose - has taken a lot of it back with Kistos / but I am with him for now :) and so on :)

[oilinvestoral] 02/7/2024 09:51

Hi Ashkv (my good old friend also known as LuckCounts from LSE). Good to hear from you again. I agree with many of your points below. I think Merlon is by far the worst one I came across in recent years (only Pete Landau deals come close)! I suspect Suzie will cling on as long as possible leaching off the company and taking her substantial 6 figure remuneration and share options while buying a messily 3k shares every months. PS: Out of interest are there any management teams you like out there? I've known you since you were verbally & viciously castigating Alan Booth on the OPHR BBs back in 2016-2017!

[ashkv] 02/7/2024 07:25

Agree appears diversity hire / no technical expertise / Boeing model of leadership - not impressed!!!

Also would note that imho an unimpressive career as a banker - not even MD post a long stint at Panmure / generally 10 years of experience you are a MD or otherwise likely a well performing cog / having survived the investment banking grind!

At Wentworth since becoming CFO - the track record of share price performance is uninspiring - positive in that she at least ended the misery of shareholders for some upside for more recent buyers.

Same work from home young mum / non-dynamic culture likely to persist!!

And why promote the gent from Egypt? The assets and performance of Egypt has been shambles... I would also prefer a refresh of Pharos's CFO - doesn't inspire and always seems to dial in from home on the events I have attended.

Hopefully the new CEO's industry contacts lead to some good deals rather than the shambles of the Egypt transaction that has inflicted a body blow to the legacy Soco now Pharos!!!

Other than SQZ Tailwind, Cairn/Capricorn Egyptian acquisition - one of the biggest dud transactions over past 5 years for AIM E&P firms of some heft!!

Will give benefit of doubt and buy a small position - hopefully the new CEO proves she is worth her weight in oil and we are just right wing leaning moaners :)

OilInvestorAl my good friend on this and LSE over the years - hopefully this one finally comes good :)

[tyler19] 01/7/2024 17:19

Oilinvestoral,
I fully relate to and share the frustration of long term holders. I initially bought some shares around ~2018/9 in the hope that the large amount of cash on the balance sheet would be wisely used as the oil market settled into a new normal. Unfortunately, I hadn’t fully appreciated management lethargy and recently, the constant moving of goal posts. Like you, I think Katherine is a good upgrade and believe that having an active investor on board will result in further changes for the better. She should improve capital allocation which has been poor in the past. On the technical front, once the board changes are complete, I would like to see Pharos use its London listing for a reverse takeover, preferably one that comes with a good technical team. I suspect that may be one of the options Bradley may be considering.

[geckotheglorious] 01/7/2024 16:28

Another DEI hire.
Is she really the best Pharos can get?

Just sell the company and put everyone out of their misery.

[oilinvestoral] 01/7/2024 13:13

Tyler It's definitely an upgrade from what we have been used to over the past 6ish years or so.Snyder oil investors now suffer from an allergy to egotistical bean counters who have an overinflated opinion of themselves and lack self awareness. Drilling deep water wildcats and optimising production from current assets probably requires someone who has spent time at the coal face... How long have you been holding Tyler?