Pharos Energy Share Discussion Threads

[yasx] 27/7/2023 13:42

OilAl,

Nice to hear from you and thank you for your thoughts.

More assets in Egypt! Tin hats and all that.

Of course, more seriously, I doubt Pharos will be bidding for anything anywhere. The farm-out process has been dragging on for some time and one hopes a conclusion to that is not too far away.

Failing to increase the number of rigs in Egypt has always been an issue and I don't see that changing unfortunately.

Unless I am confusing it with another Co., I seem to recall they always had 10 or 15pc vote against certain resolutions in the past and so it is nothing new. Will have to check in case my memory is failing me.

[oilinvestoral] 27/7/2023 09:56

SDX energy recently received bids from unnamed parties for Egyptian assets. I just hope we are not involved!!!!

[oilinvestoral] 26/7/2023 10:01

In the recent AGM , there seemed to be a large protest vote against the reelection of the 2 stewards of this titanic. Jannice then did a video interview saying all resolutions were passed with flying colours (or words to that effect)! Call me old fashioned but I wouldn't call a 15% vote against your re-election something to brag about. Talk about not reading the room. It seems that Radoff isn't too happy with Pinky and the Brain. I can't wait to read his open letter to management.

[yasx] 24/7/2023 11:12

No sign of OilAl - wonder if he has moved on. He always offered a sensible, balanced view of affairs at Pharos.

[controlledmadness] 24/7/2023 07:50

Did anyone notice that since the 5th of July the RNS on purchases now include the total bought and the cost.
Well done the board.

[dunderheed] 21/7/2023 18:50

Hi Yas - maybe you're right (?!) It just irks me that I think everyone now recognises Vietnam is the quality (why it's holding relatively well) and Egypt the weight around PHAR neck - which of course is all Mike and Jann have actually brought to the table since their tenure here, IMHO.

[yasx] 21/7/2023 17:08

Dunder,

Perhaps that is the strategy - keep hitting the ground and eventually she might hit oil!

However, Pharos is holding up well, despite (and not because of) Jann's leadership.

[dunderheed] 21/7/2023 11:05

1859 / 1860 both great posts!

[glavey] 21/7/2023 10:32

Jann hitting the ground running, shareholders hitting the ground.

[cwa1] 20/7/2023 11:59

Snippet from Auctus note this morning:-

Vietnam licence extension key step to unlocking value

• Pharos has been awarded a two year extension to Phase One of the
Exploration Period (from 8 November 2023 to 7 November 2025) of
Blocks 125 & 126 in Vietnam.
• While this was expected, it is an important development. The licence
is estimated to hold very large prospects and the licence extension
increases the likelihood of the company securing a farm-in partner.
• Pharos is also looking for a rig to drill a well next year.
• The extension allows Pharos to postpone the drilling commitment by
up to two years. Without the extension, Pharos would have been
required to pay the minimum US$15 mm commitment or fund a
shallow well by November. The extension therefore has positives
implication for Pharos’ balance sheet.
• We re-iterate our target price of £0.55/sh.

[biotechbull] 20/7/2023 10:47

Has anyone looked at this report on block 125? My first time looking at one. Help me with the calcs, if any of you know what you are doing: As I interpret it: if their test well can drill through most of the strata, Table 5.2 says there is a nearly 60% chance that they hit some oil (40% ish the play's basically not oily at all). Then if they've found some oil, each stratum is c. 25% likely to be properly oily. Prospect A North has 4 strata which are estimated (at 50% likelihood) to each have 200-300m+ ish barrels recoverable. So assume only 1 of these (25%) is geologically workable and has 250m recoverable. 250m barrels with a free cash flow of say $20/barrel (haven't looked at the PSC yet in detail, but they are doing c. $30/barrel at $75 Brent in their current fields after maintenance-levels of capex) = $5bn of cash flow pre the (high!) capex to develop the field. That looks like it should be highly economical to develop. 70% of that currently owned by PHAR.

[stepone68] 20/7/2023 10:22

Hi Gecko. I'm actually a fan of EE's, but I don't see how you can argue his contribution was valuable. He's been a strong 'buy' for the last 15 years. Fair enough if you liked plenty of detailed posts, and some bickering, but not great from an investment point of view. Where are him and Nigel posting now - LSE?

[biotechbull] 20/7/2023 08:36

Excellent production in Vietnam which is where all the value is.

Revenue is light again vs. production: even at $75 Brent, 6 months revenue at the reported production levels and susal premiums/discounts should be c. $93m not $86m reported (Anyone disagree?). So I expect that, like at end Q1, there was lots of oil produced but not yet sold (FPSO lift timings in Vietnam?).

This also partly explains the weak cash generation, given that they were fully carried on Egypt Opex+Capex in the half.

Also disappointing but not surprising to see another $2m-ish Egyptian receivable build in Q2, but at least that is probably not the whole quarter's revenue i.e. they are likely getting some payments or being able to offset some payables.

[cwa1] 20/7/2023 07:04

Jann Brown, Chief Executive Officer, commented:



"The first half of the year has seen drilling successes in both Egypt and Vietnam. In Egypt, the first exploration well on the North Beni Suef Concession was declared a commercial success and is expected to start production in Q4, while in Vietnam the development well on the CNV field continues to deliver production levels far in excess of pre-drill estimates. The group also delivered in line with its overall production guidance in the first half and expects to do the same for the full year, helped by increasing Egyptian production in the second half reflecting the continued focus on recompletions and new water injection projects.

"We are delighted to publish today the independent report prepared by ERCE on Blocks 125 & 126 in Vietnam which makes estimates of prospective oil resources with an aggregated gross unrisked Mean of 13,328(1) MMstb, covering those Prospects and Leads already identified. The report supports Pharos' internal assessments and paves the way for further work to develop new Leads and mature Leads to Prospects. All work done to date highlights the scale of the potential in these blocks and, with the Exploration Period of the Blocks 125 & 126 Production Sharing Contract now extended to November 2025, Pharos is well placed to bring in a farm-in partner and complete all necessary work to drill the first exploration well on this basin opening play.

"We are also delighted to have made the first payment under our new dividend policy, the foundation of our commitment to regular shareholder returns."

[dunderheed] 18/7/2023 09:44

I know I was only kidding!!

[cwa1] 18/7/2023 09:33

If we close the thread down where are you(and others) going to put your criticisms of Jann et al and the company generally? ;-)

[dunderheed] 18/7/2023 09:20

Mate, you might as well close the whole thread whilst you're at it, it's not as if Jann et al are actually doing anything or have done for last couple of years, that merits any useful discussion whatsoever - except possibly to comment - WTF have they been doing to justify their ridiculous overpaid salaries? I hate to say this but - what have they done that a simple book-keeper and a reasonable lawyer could have done for a quarter of the total salary package costs? IMHO.

[greyingsurfer] 18/7/2023 08:15

Barclays paid up the day after it was due. Pretty much normal service for them, though they did take neatly a week recently for another dividend, can't remember which now.

[theinquisitiveone] 18/7/2023 07:45

Hey GtG

Congratulaions on one of the most entitled posts I've seen for a while-someone else do it, I can't be bothered!

20 seconds looking at the posts prior to yours would have seen a thread about this very subject AND that the thread owner had posted this very date for you.

Too much hassle? Well, a look at any of the many sites on that there old internet thingy would have supplied any number of sites that supply the dividend date for you!

Still too much bother? How about checking up the news release from the company themselves? Or the company website?

Or, and here's the kicker, why don't you open your OWN broker account and see if YOUR dividend is actually there? Oh, I know, that would take about 20 seconds of your precious time that you needed to spend telling the world that you had been "away" and were therefore incapable of finding out this highly complex information?!

Give me strength...

[geckotheglorious] 17/7/2023 22:33

CWA1
Well you're clearly up to speed on timetables!!

I've been away.

But thanks for help!

[cwa1] 17/7/2023 21:51

LOL. I'm not THAT bothered if you're not :⁠-⁠)