Pharos Energy Share Discussion Threads

[yasx] 03/4/2024 13:42

oilinvestorAl3 Apr '24 - 13:24 - 8336 of 8336
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Must admit when I heard the Jann question, I must admit I chuckled and immediately thought it was either EE or the PM. Nobody else could be that intellectual…

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OilAl,

Actually that just made me think, whatever happened to the dud from Kent. He was last seen on LSE forums a year or so ago so I have just checked that to see if he is still hanging around. It appears his investment in Global Pet has been wiped out, similar to his foray in Scancell. His best performer over the past five years in his three stock portfolio has been Pharos, by a country mile. That tells you all you need to know. He really needs to quit this game while he still has something left.

[yasx] 03/4/2024 13:39

nigelpm3 Apr '24 - 13:09 - 8334 of 8336
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Some horrendous questions in that investor meet call.
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From the other thread.

Nigel,

Just wait until you see the questions I put forward! Jann will certainly consider those horrendous!

[oilinvestoral] 03/4/2024 13:32

The near 70 million shares he bought in the past 18-24 months has probably prevented us from hitting the low teens. Those sellers would've wanted an exit and probably drip fed into the market. But yes I agree with you and hope he doesn't go over 20%Re block 125: I'm surprised they couldn't agree a deal based on the going rig rate and have clauses to adjust later. It's not like rig rates are going to double in a matter of months! It does sound like we should hear something within a few months. Hopefully other than a carry , we get some backdated costs/ cash ...

[oilinvestoral] 03/4/2024 13:24

Must admit when I heard the Jann question, I must admit I chuckled and immediately thought it was either EE or the PM. Nobody else could be that intellectual... Someone sad to see Jann go lolz

[nigelpm] 03/4/2024 13:14

"sudden departure of Jann Brown" - absolutely stupid.

[nigelpm] 03/4/2024 13:09

Some horrendous questions in that investor meet call.

[yasx] 03/4/2024 12:15

OilAl,

As you know, protections afforded to shareholders are not nearly as robust as they might appear on paper - on a daily basis we see, even on the main market listings, the rug being pulled from under the feet of minority holders by controlling holders who have a different agenda.

I don't see anything in Radoff's track record to suggest he will do that, but it is always better if there are competing interests to keep various parties in check.

Certainly thus far his involvement has been beneficial, and may that continue.

Now, unless I misheard things, I got the feeling that the rig issue is likely to be resolved fairly shortly and that interested partners are waiting on that before committing, which should happen fairly soon thereafter. If so, we might within a few months have a concrete announcement of a partner.

As always, I submitted a number of questions, none of which received a response!

[cwa1] 03/4/2024 12:03

Pharos...positive...maybe best to have a wee lie down oiA ;-)

[oilinvestoral] 03/4/2024 11:50

For the first time in a very long time, I'm actually feeling very positive about Pharos! Those of us who have added in recent years may actually come out unscathed.

[oilinvestoral] 03/4/2024 11:41

I would be very disappointed with only 30p around Vietnam exploration excitement! There were also signs that Egypt production and reserves may be starting to turn a corner this year. Re Radoff: he has nearly 70 million reasons why he would want to the share price to do well (that's many multiples (4-5x) of all the PIs combined).As Jann alluded to, we are protected by the UK's corporate governance frame work. Unless he attempts to take the company private / delist, he is fully aligned with us in that he also wants to the company to grow & succeed.

[yasx] 03/4/2024 11:04

Oil,

Absolutely. I think a further increase to the dividend and buyback ought to happen in due course.

30p looks nailed on once the excitement around 125 starts to build. Some signs that things are finally about to gain traction on that front. Pharos is under the radar at the momnet, but that might change soon.

I note that Jann was asked regarding the intentions of Radoff - that is always a concern, and I think some balance is needed if he were to have a significant say in the new CEO, but his arrival has at least induced change at Pharos.

[oilinvestoral] 03/4/2024 10:48

I haven't felt this positive about the company since we were net cash in 2018 (pre-Merlon)! Completely paying down the debt this year totally changes the complexion of the balance sheet. EV starts to dwindle rapidly...

[yasx] 03/4/2024 10:47

So it seems that potential partners have been waiting on rig confirmation before agreeing to any deal for 1125 but that we may finally be close to securing a slot which would then enable a partnership with one o the interested parties. Let us hope they finally get this moving.

Such an anodyne bunch of individuals on that presentation - really makes one feel drowsy.

[cwa1] 03/4/2024 10:44

Indeed. Thanks for the updates oiA

[cwa1] 03/4/2024 10:44

Indeed. Thanks for the updates oiA

[stepone68] 03/4/2024 10:38

Combinations to add scale....yeah, like the last one :-(

Thanks for the updates though, Al. Was hoping to join but work got in the way.

[oilinvestoral] 03/4/2024 10:31

They "came close to closing an M&A deal last year but geopolitics got in the way". Could it have been Kurdistan / Iraq?

[yasx] 03/4/2024 10:30

Notwithstanding hopeless management thus far, the financial are robust and it is time now for someone to take up stewardship of this outfit and catapult it to a different level. As such, I have been buying more recently.

[yasx] 03/4/2024 10:28

Finally Jann concedes that Egypt has not worked out. The Co. accepts it has tried to flog Egyptian assets but there has been nil interest; the corollary being that others are not as foolish as the Pharos team were.

[oilinvestoral] 03/4/2024 09:43

Jann Brown : M&A is back on the agenda for PHAROS. Combinations to add scale.Apparently (if you believe it), that's part of the reason for her sudden departure.

[cwa1] 02/4/2024 17:48

Looks like we've entered the history books today!

I don't recall a company ever having to issue a correction to a TVR announcement before...

I know it's only a minor date issue, but it doesn't look very professional

[oilinvestoral] 02/4/2024 12:06

I totally agree. I hope Sue gets her marching orders at the AGM! Bean counters are a dime a dozen... That should suffice IMHO! I'm not sure Radoff would agree though ... Hopefully who ever they bring in makes Vietnam production improvement their priority because at this rate we will be producing sub 4,000 next year and sub 3500 the year after that! Financially, disastrous has been averted and the company will be remaining RBL by next summer. We haven't been in better financial shape since 2019!

[yasx] 02/4/2024 11:16

Oil,

Too much influence of a single party is never a good thing. Some balance is useful- Jann is going , perhaps replacing Sue as well should be sufficient for now.

Re 125 discussions- those two statements arecessentially the same thing just expressed in a different way. I don’t think there has been any significant progress.

[oilinvestoral] 02/4/2024 10:09

Magic_Spehar: "A number of parties have expressed interest and have been invited to review data. Discussions are ongoing (update Jan 2023)Parallel discussions with several potential farm-in partners for Block 125 in progress (update Jan 2024)"-----------MSThis is a very good point and should be raised tomorrow at the IMC webinar IMHO!

[wdkeyes] 30/3/2024 10:30

Sorry for off topic post, but anyone know what happened to Sharelockholmes ? I used to have an account there but it seems to have cancelled my payment end of Nov 23 and the website is either down or using such an expired certificate I can't access it.