Pharos Energy Share Discussion Threads

[geckotheglorious] 19/10/2023 11:29

nigelpm
Post 8228
"Radoff clearly sat there waiting for sellers to become available and buying from them as they appear. Very impressive and patient"

Wonder what his game plan is.

Trust you're well - not seen you around these parts in ages.

[oilinvestoral] 19/10/2023 10:30

Also, he has a standard play book that he has used numerous times before. Most recently was when he and Group 24 went after the Vaalco BOD for similar capital allocation issues ...

[cwa1] 19/10/2023 10:29

Much obliged. Please keep us posted if you DO manage to get a response

[oilinvestoral] 19/10/2023 10:25

Jann was asked the question in the recent webinar about Bradley voting against management. She alluded to him also voting against the NEDs not just the execs. Roughly the same number of votes voted against the divi and while answering the question about his intentions she mentioned that some institutions prefer buybacks rather than dividends.I'm trying to message him but he needs to accept my request

[cwa1] 19/10/2023 10:03

If I may ask, have you heard the latter points "from the horse's mouth" oiA? Or just speculation on your part? I'd be happy with all of those(even if the dividend was "nice to have")

[oilinvestoral] 19/10/2023 09:59

It's indeed excellent news! Next step is his open letter to shareholders (possibly once he crosses 15%). Apparently wants to do more aggressive buybacks and cool off on the divi but first of all he wants to replace a few of the BOD including Jann & Sue.

[oilinvestoral] 19/10/2023 09:57

There's definitely someone unloading shares (hence why the share price has barely moved despite such a large amount of shares being purchased). Could be Paddy , the Contini's , Lombard or VDW. Aberforth were adding so I doubt it's them. Yorktown were gifted their shares as part of the ill-fated deal so they are probably not in hurry to sell.

[cwa1] 19/10/2023 09:41

Excellent news(I hope!!). Thanks for flagging it up oiA

[cwa1] 19/10/2023 09:41

Impressive that he's managed to build such a substantial holding and barely budging the share price Especially given there's a (barely effective) company share buyback going on at the same time.

[nigelpm] 19/10/2023 09:23

Radoff clearly sat there waiting for sellers to become available and buying from them as they appear. Very impressive and patient.

[oilinvestoral] 19/10/2023 09:19

The high volume had to be him! RNS OUT! Confirming that Bradley is now the proud owner of 13.4% of Pharos! Didn't take him long to add another 2% ! There's clearly a big seller in the market!

[oilinvestoral] 18/10/2023 16:11

Another high volume day! Highest volume in over a year . New Radoff TR-1 incoming IMHO!

[oilinvestoral] 17/10/2023 18:02

IMC have posted responses to some of the questions that were answered during the recent webinar. Q1) leads me to think that Lombard were unhappy with management or their strategy.... The "why don't you go and ask them" tone (I'm paraphrasing) didn't seem too friendly.Q2) Bradley Radoff is clearly ruffling feathers in the background. Does anyone know how one could make contact with him ? I wouldn't mind sending him a friendly email .... Q3) clearly answered by the old geo codger from the Vietnam unit as it is not as abrupt, is much friendlier in tone and very detailed.Q9) has the hallmarks of Yasx! HahaQ10) was asked by the ex politician.

[oilinvestoral] 17/10/2023 17:51

"Was'nt it mentioned before that he was pushing for an asset swap of some sorts?"--------I wasn't aware of that. Let's hope any swap is somewhere other than Egypt as an asset swap in Egypt is like trading in a broken down car for pushbike!Let's hope he doesn't sell as his buys have been the reason we are still in the 20s. I know Jann wanted to take credit for the share price performance Vs some of the peers who have been hammered but if Radoff wasn't buying I'm sure we would've been in the low - mid teens! PS: I didn't realise he was in his early to mid forties...

[oilinvestoral] 17/10/2023 17:45

2.2 million shares traded today which is once again the highest daily volume over the past year ... Will be interesting to see if the company has bought significantly more in tomorrows RNS or whether Radoff is accumulating again ...

[ark87] 17/10/2023 17:25

An insight into what might be coming here

www.businesswire.com/news/home/20151106005485/en/Group-42-and-Bradley-Radoff-Launch-Consent-Solicitation-to-Remove-and-Replace-Majority-of-VAALCOs-Boardt

www.vaalco.com/investors/news-events/press-releases/detail/284/vaalco-announces-changes-to-its-board-of-directors

He left and sold out last year

www.rigzone.com/news/vaalco_energy_makes_board_of_directors_switch-02-feb-2022-167780-article/

[ark87] 17/10/2023 17:12

Was'nt it mentioned before that he was pushing for an asset swap of some sorts? He was previously heavily invested and on board of Vaalco which has egyption assets and merged with Transglobe

www.vaalco.com/operations/egypt

[oilinvestoral] 11/10/2023 18:30

A few questions re Radoff: He is an independent director at 3 companies does he want to join the Pharos board? He is clearly not enamoured with Jann & Sue given that he voted to oust them at the AGM. Who does he was to bring in to replace them?Does he want to stop dividends and focus on buybacks? From Jann's comments, that seems to be what he is aiming for? What is his strategy for Egypt ? Sell & move on or continue to sink more money there? An open letter to shareholders would do wonders and might enable others to join forces with him!

[yasx] 11/10/2023 10:17

OilAl,

Very fair summary in post 1913.

[ark87] 10/10/2023 04:25

PHAR is Radoffs 2nd biggest holding, an unusually large position in his portfolio.

He has had brutal wars with boards over much much less. He must be very confident in whatever his plan is.

marketscreener.com/business-leaders/Bradley-Louis-Radoff-008S1N-E/biography/

[ark87] 09/10/2023 20:04

What do we think Jann's work day looks like? Can't imagine she spends more then a couple of hours per day on Pharos if that. I'd love a cushty overpaid job like that how do you get one?

[oilinvestoral] 09/10/2023 08:27

As yet, I don't think any question from either myself or OilAl has been answered....Nor will they answer them!-----------Yep ! They avoided some of my questions but did answer a couple of the more favourable ones for them towards the end.In summary, it's the same old same old! The geologist provided some additional details which were nice to know. I liked the old codger! I suspect most PIs would prefer to listen to him rather than "Mo" who keeps on regurgitating the same old lines and has clearly completed Jann's course in providing obtuse answers! As I predicted in 2021 when I was having a debate with an ex politician on these boards that deep water exploration takes time! But these guys are taking significantly longer than the standard expected industry timeline estimates. If you remember, he kept on saying that the farm-in partner "was known to Pharos" and due to that "hunch" he expected the well in block 125 to be drilled in 2022. I corrected him and informed him that the well needs to be designed, a rig needs to be sourced, LLI's need to be procured and regulatory approvals need to be requested. He is now learning the hard way how wrong he was! Never mind summer of 2022, he'll be lucky if a well is drilled by summer of 2025! Unfortunately, the big disappointment for me is that the exploration well now seems to be pushed well into 2025... hopefully they don't request another extension. Jann did mention that they intend to utilise the full amount of time they've been allocated and mentioned November 2025 (I didn't even realise the extension was until then)! Talks with multiple farm-in partners are on going . If the asset was as amazing as they proclaim, why wouldn't one of those potential farminees snap up a stake? Also just for politicians and ex bankers (w): the company keeps on quoting extremely large oil number but please be careful ! These are STOIIP (oil in place) numbers ! NOT recoverable oil! Recovery factors in Vietnam aren't the best in the world. So even if there was a discovery, the actual recoverable reserves will be a very small fraction of the number that Jann referred to or that are being bandied about by some investors!Egypt is just a completely unmitigated disaster and Vietnam (TGT & CNV) is now just about maintaining the mediocre 5,000 BOPD going forward. Nothing to excite any new investors IMHO! She skirted around the Radoff question! We are still none the wiser what his exact demands were! Does he want more buybacks and no dividends? Or does he simply want the incompetent mob out ? Bless her she tried to say "oh he didn't just vote against me and Sue he also voted against NEDs"! Like that makes her underperformance or incompetence any better! Best part: Sue still hasn't worked out how to put a mobile phone on silent!

[cwa1] 09/10/2023 07:34

Progressive Research on PHAR(May have to register)



Pharos Energy reported its interim results on 13 September. Although
profits were lower than forecast, this was predominantly due to a non-cash
impairment charge. The key message is the strength of the balance sheet,
which has seen net debt reduced to US$16.4m at the end of June 2023 from
US$28.9m at the end of 2022. This leaves the group free to return more cash
to shareholders and to start to increase investment, including commitment
exploration, which we believe should be a key driver of shareholder value...

▪ Valuation. We explore a potential value for Pharos’s assets through a
RENAV (Risked Exploration Net Asset Value) analysis, using a conservative
flat Brent oil price of US$65/bbl. We achieve a value of 38.4p/share, which
could be boosted by an additional 7.0p/share should Pharos get paid for
its receivables and receive deferred cash payments for its Egypt farmdown. Note that this valuation is for information purposes only and does
not represent a target price.

[sharksmouth] 05/10/2023 12:56

Yas

Fully agree with your comments & any actions taken to generate change would be welcome.

In respect of the latter, I sold out the bulk of my SOCO position a few months after the news of the Merlon acquisition back in 2018, mainly due to the timing & price paid for the acquisition, increased concerns about the calibre of the management & their inexperience of operating in a country like Egypt.

Unfortunately my concerns at that time have been vindicated by the abject failure of the company since, firstly under Ed and now turbo-charged by Jann.

At that time I retained a small holding, now miniscule, principally for the Vietnam business & the promise of some dividend growth.

I would have sold out of this residual holding but being ISA protected I would not have been able to claim the loss & have therefore hung on.

And if I'm honest, sentimentality & many happy memories of the good times at the Motley Fool & the good profits made from SOCO & then Dana(chapeau tip to EE for the introduction)has come at a cost.

I sincerely hope for all long term holders that change is coming & our suffering will end soon.