Have you got a calendar reminder each week YasX to tell you to post? ;-) |
Another week with great progress on every front, especially re block 125. This lot have the ability to exceed the most optimistic expectations. |
There's patience and then there's atrophy... |
PHARcical's shareholders have shown patience of shaolin monks since 2014! Time for the company to start delivering some shareholder value or at least reduce the losses that shareholders have been subjected to! |
I'd say that news was material to PHAR.
Holding equities is often a patience game. |
Another week without significant progress (an MOU re EGPC does not count as significant). |
Won't fetch a great deal. Certainly nothing like the gargantuan amount they paid for it. |
Is a disposal of Egypt on the cards? Once it is tidied up. |
It needs more than an MOU with EGPC to get the market to take notice of pharos.
How about getting the receivables figure reduced and a doubling of the dividend.
KR is not fit for purpose. |
Sadly share price doesnt seem to be making any progress as usual.. |
 Auctus update post Egypt news:-
MOU with EGPC in Egypt to improve terms and licence duration
• Pharos and IPR have signed a non-binding MOU with EGPC to use their best efforts to conclude negotiations for the merger of the El Fayum and North Beni Suef Concession Agreements.
• While there is limited information at this stage, this is an important step that would unlock further investment through better fiscal terms and longer licence duration.
• The El-Fayum licence has a current expiry date of 2034 (including a 5 year extension), with 9 years remaining. A typical new licence in Egypt has a duration of 20-30 years, including two five-year extensions.
• IPR has already signed a third amendment on some of its other licences, which is encouraging regarding negotiations for El Fayum and North Beni Suef. • In return for better terms and a longer licence duration, Pharos and IPR will need to commit to new work programs to boost production and unlock reserves and resources.
• While the amount of US$ receivables remains stable, we note that EGPC is regularly paying contractors.
• We reiterate our target price of £0.50 per share. The approval of the new FDPs for TGT and CNV in Vietnam would increase our Core NAV by £0.03 per share. Successful appraisal at TGT and CNV would derisk approximately 5 mmboe of resources, with an unrisked value of £0.15 per share.
Rating & target Old New Target £0.50 n.c. Yield 4% Implied total return 100% Share data 2023 2024e 2025e Shares dil., mm 429 420 420 Mkt cap, US$mm $129 $134 $129 EV, US$mm $137 $117 $104 Financial Data 2023 2024e 2025e Gas, mmcf/d 4.4 4.4 3.9 Liquids, bbl/d 5,779 5,076 5,170 Total boe/d (6:1) 6,508 5,801 5,823 CFO, US$mm $39 $55 $44 Net capex, US$mm ($7) ($22) ($30) Net debt, US$mm* $8 ($16) ($24) CFPS dil., US$/shr $0.14 $0.13 $0.09 EPS dil., US$/shr ($0.11) $0.03 ($0.02) Valuation 2023 2024e 2025e Share price, £/shr £0.25 £0.25 £0.25 EV/DACF 2.3x 2.1x 2.7x EV per boe/d (US$)$21,007$20,231$17,900 Net asset value CNAV, £/shr £0.29 RENAV, £/shr £0.49 Unrisked NAV, £/shr £36.92 P/CNAV 0.9x P/RENAV 0.5x P/ENAV 0.0x All figures in US$ unless otherwise noted * based on cash rather than working capital
Apols for the formatting, too lazy too fix it ;-) |
2112, hi Yas apologies for late reply, I missed your post. Re PHAR, yes with hindsight agree now but bought a few based on Radoff stake and wondering what are his intentions as am surprised nothing seems to have happened with that regard, considering his previous activities? |
At 7am when I saw the word merger my heart sank but luckily it is only a concession merger. Hopefully this concession merger along with receivables should be the catalyst to get Egypt going |
Some progress... |
 Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries, the "Group")
Memorandum of Understanding with EGPC for the merger of the Egyptian concessions
Pharos Energy plc, an independent energy company with assets in Vietnam and Egypt, is pleased to announce that, together with IPR Lake Qarun Company ("IPR"), it has entered into a non-binding Memorandum of Understanding ("MOU") with the Egyptian General Petroleum Corporation ("EGPC") in relation to the merger of the El Fayum and North Beni Suef Concession Agreements.
As previously announced, IPR and Pharos, in their capacity as the Contractor parties under the Concession Agreements, submitted a request to EGPC to merge the two assets and replace them with a new consolidated Concession Agreement. The consolidated Concession Agreement is expected to unlock significant value in the Western Desert by improving certain fiscal terms, extending the term of the concessions and committing the Contractor parties to additional work programmes aimed at increasing production from the areas.
Under the MOU, EGPC and the Contractor parties agree to use their best efforts to conclude negotiations on the new consolidated Concession Agreement as soon as possible, with a view to the agreement receiving government and parliament approval and then being signed by all parties at the earliest opportunity. Further updates will be provided to the market in due course.
Katherine Roe, Chief Executive Officer, commented:
"The signing of the MOU is a key milestone in the PSC consolidation process, and one that the team have been working towards for many months. Thank you to EGPC and our partner IPR for their continued support and close cooperation in helping achieve this mutually beneficial agreement.
"A new consolidated Concession Agreement and improved fiscal terms are key to further organic growth in our existing Egyptian portfolio and in turn generating significant value for shareholders. We will continue to work closely with all parties with the aim of completing negotiations as soon as possible." |
OilAl on the other thread is right - any partner would be accepted and I doubt they are in active discussions with any partner - the oft repeated phantasmagoria of progress is churned out periodically to convince holders things are moving in the right direction. My own view is there is no rig, no partner in active discussions and no prospect of anything happening on 125 anytime soon.
Pharos need to utilise their energy on things that might just be within their capability (I know that markedly reduces the prospect of good outcomes given the very limited skills) but an idea might be to persist in an unrelenting manner with the Egyptian Govt to reduce the amount owed - any funds received should be used to bolster the dividend.
I still have a 30p target and we got within a whisker of that recently and I hope I am not waiting until the end of the year for that to materialise. |
Never mind ENI , at this stage Pharcical Energy's shareholders will accept anyone! The farmout could literally come from e-End Oil & Gas limited and we'll accept it! Beggars can't be choosers! |
Yes- Eni also a possibility. Or new country entrant |
Out of that lot only Murphy Oil look like a possibility. |
I found this a useful summary of the current players in Vietnam( ie re farm-out possbilities)
hxxps://www.linkedin.com/pulse/vietnam-commentary-company-landscape-robert-chambers-dvdoe
*note Harbour divestment to Enquest [...] |
Dunder,
I doubt very much that this gets taken over - Egypt/VN combination likely prevents that, which is probably what Jann and Co had in mind when pursuing the disastrous acquistion.
I do wonder what the next catalyst might be to propel the shares highe - it just seems things happen at a snail like pace and they seem very content with that. Now the buyback hasfinished, they should be increasibg the dividend while we wait for something to happen. A transparent update on 125 might be a start. Are they actually in active discussions with any party? |
I like Malcy. I don’t blame anyone else for any misfortunes that befall me. We all make our own decisions. It’s good you get interviews with the people that run these companies. If we didn’t have t’Internet and people like Malcy then we’d have much less to go on. What we do with that information and how we process it is a choice. |
We all get some wrong me more than most!
I share your pain oiA, in fact some morons even invested in PHAR ;-) |