Pharos Energy Share Discussion Threads

[oilinvestoral] 27/9/2023 19:55

Highest volume traded in a year. Here's hoping Radoff is accumulating...

[extrader] 27/9/2023 18:15

Ditto, Peter,

I got out quite a while back, the last bit at a loss but had fortunately top-sliced enough along the way to cover kids' Uni costs, so can't complain.

GLA and ATB

[greyingsurfer] 27/9/2023 16:34

I've been holding since 2000! Too long really. But my original purchase was about 20p, allowing for the split. I've bought and sold, mostly sold along the way, though failed to sell as I should at the peak, with hindsight. I bought back a big chunk of what I'd sold a couple of years ago at sub 20p, I still see room for upward movement from here. Overall, though it's taken far too long, Soco/Phar has made me more banked profits than any other holding, and I remain in profit on what I hold. That's no argument for investing here now, but I do take a more relaxed attitude than I might otherwise!

[stepone68] 27/9/2023 10:56

I think everyone went to LSE boards. For me, this board is still on my favourites, and I still maintain a very small holding in Pharos, which I used to keep out of curiousity to see how things were panning out, but to be honest I've moved beyond even that. I'm in the process of transferring my latest company pension into my SIPP, when I'll have some funds to allocate and at that point I'll probably sell my last Pharos. Can anyone believe it's been 20+ years of holding, almost 25 for some of the original holders - I think ghhghh was the first to highlight Soco. We had all the excitement of the Vietnam drilling, the saga that TGD turned into*, Africa prospects (ha ha!), 'Son of Soco', 'Imminent(!) corporate actions', and in the end it turned out to be just another hole in the ground company, enriching it's board more than it's shareholders. Ah well, we live and learn. Good luck to all holders - I'm sure this will turn out to be a buy signal :-)

Cheers,
StepOne

I think my most 'liked' post on the Motley Fool boards was the poem I wrote after the final TGD failure which started

'So farewell then TGD,
With your billion barrels of oil still under the sea
I used to get early and check my pc
For news of a successful DST...'

Can't remember the rest , but you get the gist :-)

[oilinvestoral] 26/9/2023 13:54

There's no "spike" in the share price! The shares are trading exactly where they were yesterday afternoon!There was an uncrossing trade for 342 quid after close yesterday that artificially made todays opening price 21p (hence why there seems to be an artificial "SPIKE"! 25-Sep-23 16:40:43 21.00 1,630 Sell* 342.30 UT There's nothing to be said. No operations to be discussed! Drilling is postponed until 2024! We are patiently waiting for farm out discussions to conclude! Nothing left to be said!Nigel is busy nursing losses at POLX and JSE. You'll be able to catch up with him there!

[geckotheglorious] 26/9/2023 11:04

CWA1
I do miss some banter on operations at the company tho.

But yes, like yourself, I dont miss the "buybacks" good/bad discussion.

Sadly too many trolls drove away the best contributors imo.

Anyone seen NigelPm?

[geckotheglorious] 26/9/2023 10:42

8-9% spike in price this morning. No RNS.

Board as quiet as a church mouse.

`Ah the good ol days when they'd be much speculation / discussion.

Now it's a barren waste most of the time.

[glavey] 23/9/2023 04:27

Self satisfaction?

[steved9] 22/9/2023 22:30

Unless they announce the partner and drill plans what’s the point?

[yasx] 22/9/2023 15:38

Not another presentation in which we hear about talks with interested parties ongoing for the third year (or so it seems) but no details, impact from Ukraine and lasting effects of Covid.

Jann will give herself a pat on the back, express dissent at any questioner who is critical of the performance and the bandwagon rolls on.

Such a presentation is a worthless exercise.

[tyler19] 22/9/2023 12:10

There must be a risk of a takeover here. They need a partner to drill a potentially deep water well, which will cost in the order of $20-40M and the partner will only get a fraction of the production. Why not pay a little more and get the whole lot?

[cwa1] 22/9/2023 07:36

Investor presentation announced:-

nvestor Presentation 2023 via Investor Meet Company

Pharos Energy plc, an independent energy company, is pleased to announce that Jann Brown - CEO, Sue Rivett - CFO, Mohamed Sayed - Group Head of Technical & General Manager Middle East, Vincent Duignan - Group Exploration Manager & General Manager South East Asia, and Minh-Anh Nguyen - Senior IR & ESG Associate, will provide a live presentation relating to the Interim Results 2023 via Investor Meet Company on 04 October 2023 at 3:00pm BST.



The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00am the day before the meeting or at any time during the live presentation.



Investors can sign up to Investor Meet Company for free and add to meet Pharos Energy plc via:

[steved9] 22/9/2023 07:19

The sooner Radoff or somebody else goes nuclear the better!

[ark87] 22/9/2023 02:56

I imagine Radoff is quite happy to accumulate at these levels so not rocking the boat or playing his hand just yet BUT based off his previous history and the size of his holding here at some point he will go nuclear (unless jann actually does something and gets the share price moving)

[tyler19] 20/9/2023 20:07

An active investor, particularly one with industry knowledge, and a change of management would be a good catalyst. There’s clearly potential in Vietnam just lack the will to act quickly, overly cautious.
Egypt looks grim at the moment but I think that will pick up eventually. Particularly as the oil price rises whilst production is dropping, otherwise it’ll be back to the IMF.

[yasx] 20/9/2023 15:37

When is the last time we had any development of note - I simply can't think of anything that Jann has achieved.

All we get is a once or twice yearly reference to continuation of talks with partners. Repeating the same, tired old lines and dressing them up as achievements. If only Radoff and others took steps to put the request to remove Jann and Co to a vote. It is long overdue - in Jann's case, she was part of the set up that took Pharos into Egypt and not only has production dwindled, but receivables continue to mount.

[cwa1] 19/9/2023 18:13

Lombard reducing:-



...just under 9% to just under 5%

[yasx] 15/9/2023 13:05

In short, on existing numbers (and with potential future upside from VN), this continues to look fairly cheap. However, other than that there has hardly been any progress and Egypt continues to be an unmitigated disaster. Incidentally, Capricorn are also experiencing the same problem re receiving payments in Egypt based on their numbers yesterday. To think Ed was thinking about further acquisitions in Egypt until Covid hit beggars belief. If you think about it, but for Covid, he would have gone for it. That would have been the end of Pharos. Looking back, Covid actually saved the Co.

[rolo7] 14/9/2023 15:28

A seller cleared?

[biotechbull] 13/9/2023 17:10

This seems very important.

1. If most of their Egyptian opex and capex is in Egyptian£ then they can accept a lot of the receivables (which the market is valuing far below par value) in EGP and the receivables balance will barely build up. Egypt's costs+capex are similar to its revenues for the foreseeable future anyway, so the impact is that receivables don't rise and we pump our oil out of the ground for no cash flow - still an awful situation, but better than negative cash flow.

2. The ramp of Egypt capex being postponed shows sanity from the management team, who were otherwise about to spend a lot of shareholder money growing a business where we don't get paid for our output. Maybe postponed indefinitely, and it could mean a lot more money available for shareholders in 2024.

[cwa1] 13/9/2023 15:15

Short snippet form today's brief Auctus note:-

We re-iterate our target price of £0.55/sh.

Financials and forecasts G&A in 1H23 was only US$4.6 mm. The lower FY23 capex results in a stronger balance sheet at YE23 than we previously expected. Assuming a build-up in receivables in Egypt of only US$5 mm during 2H23, we now forecast a small net cash position at YE23 (US$15 mm net debt previously). The company will also start to accept some payment in Egyptian pounds in 2024 to cover its Egyptian expenses. We have now taken the conservative view that the development of the Egyptian reserves will only start in 2025 (one year delay) with 2024 production broadly flat vs 2023.

Valuation Our Core NAV and ReNAV are broadly unchanged at £0.41/sh and £0.57/sh.

[tyler19] 13/9/2023 10:05

Not bad results, good to see an interim dividend of 0.33p being declared for payment in January, taking the yield to just under 6%. Good progress seen in Vietnam, with focus on high yield locations. More drilling planned in both Vietnam and Egypt which should turn things around after a prolonged absence of drilling. Looks like 2024 may be the year for ramping up production.

[cwa1] 13/9/2023 07:17

Jann Brown, Chief Executive Officer, commented:

"The first half of the year has been marked by strong operational performance. In Vietnam, the lateral well drilled on CNV came on production significantly above expectation and this success is now being factored into future development plans. In Egypt, The first exploration well drilled on the NBS concession was successful and efforts are underway to secure approval for production to commence in 4Q this year. An exploration well in a new zone of the main producing asset in Egypt, El Fayum, has also been successful.

"Vietnam continues to deliver robust revenues and cash flows to support the business and our returns to shareholders. We are progressing the licence extensions through the system enabling us to prolong the lives of these fields. In Egypt, capital is being allocated carefully to reflect the economic situation. In the short term, we continue to be supported by the terms of the deal struck with IPR, with full carry plus the oil price based contingent consideration, the first payment for which we received in June. Looking to the future, the potential of our Egyptian assets has been enhanced with exploration successes delivered this year.

"Finally, we were delighted to secure a two-year extension to the term of our exciting frontier exploration position, Blocks 125/126 in Vietnam. This extension gives us time to bring in the right farm in partner and to complete the necessary work to drill this basin opening play. The size of the prize has company making potential and the risk reward dynamic for investors from drilling is asymmetric. We will pursue drilling on Block 125 as soon as we have secured a partner and a rig.

"The company continues to focus on delivering returns to shareholders through our commitment to a regular dividend, our ongoing share buybacks, and by driving value throughout the portfolio to grow the business."