Pharos Energy Share Discussion Threads

[yasx] 30/5/2024 09:36

Still nothing on a rig, less still on the partner(s).

[cwa1] 28/5/2024 08:04

Snippet from the Progressive Research update:-

Operations:− in line with forecasts. Production has proved to be in line with expectations, and in the first four months was 5,755 boe/day (guidance 5,200-6,500 boe/day). In Vietnam, Pharos has made significant progress on the licence extensions of the TGT and CNV, while the RFDP on CNV has been submitted to partners. On exploration blocks 125 & 126, management is looking at an option to secure a drilling slot, with several interested farm-in partners awaiting clarity on timing and cost of this potential well. In Egypt, preparations are underway to drill a further commitment exploration well on the El Fayum licence, which is expected to be completed in 2H 2024. Pharos is looking at the potential consolidation of its two licences and has sent a proposal to EGPC. If accepted, this would improve efficiency, and potentially allow better fiscal terms and increase the life of the licence.

▪ Overview. This trading update demonstrates that Pharos remains ontrack, which should allow management to add significant shareholder value as the group’s operations progress.

[cwa1] 24/5/2024 11:29

Also from the Auctus note. They have a target price of 50p FWIW

Valuation: We continue to forecast Pharos will hold US$15-20 mm in net cash by YE24 after distributing US$9 mm to shareholders. Our Core NAV and ReNAV are unchanged at £0.33/sh and £0.53/sh respectively. The approval of a 5 year extension of the TGT and CNV licences would unlock a total of £0.30/sh.

[oilinvestoral] 24/5/2024 11:25

Actus note: Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four months Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt. This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt. • The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 & 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well

[yasx] 24/5/2024 08:12

If hiring a replacement proves aa difficult as securing a rig for 125, we could be waiting several years.

I note on 125 they regurgiated the drivel they have churned out for the past couple of years. No progress and no firm timeline.

[dunderheed] 24/5/2024 07:45

I think they'll probably scope the market for about a year and give Sue the job?

[glavey] 24/5/2024 07:43

"Retirement of Jann Brown as Director on 30 April 2024, following which she remained in office as full-time CEO and will continue to do so until a successor is in place..."

Hmm..., could be a while then. :-(

[glavey] 24/5/2024 07:37

Lots didn't bother to vote at all.

[cwa1] 23/5/2024 15:43

Result of AGM...



...some chunks against several of the motions, presumably Radoff, though not sure if the figures "tie up"?

[oilinvestoral] 23/5/2024 08:39

Solid update! Debt down fast ... should save $5-6 million / annum in interest repayments. Egypt receivables coming down. H2 is a very busy period operationally. Securing rig for 125/126 is next big milestone. Hopefully followed by securing an industry veteran CEO (ideally an ops guy with M&A experience and not a bean counter)! This is the strongest position the company has been in since 2019 / the Merlon cluster fork!

[cwa1] 23/5/2024 07:33

2024 AGM Trading and Operations Update




Jann Brown, Chief Executive Officer, commented:



"The Company has entered 2024 in a strong operational and financial position. Production for the first four months of the year is in line with guidance, with both Vietnam and Egypt contributing as expected. A significant milestone for Pharos was the receipt of $13.8m from EGPC, over $10m of which was paid in USD, 37% of our year-end receivables balance. These payments are a testament to the strength of our relationships with key stakeholders and our persistence in lobbying. Together with the strong cash generation from operations, this has enabled us to pay down $21m of our outstanding debt, leaving our total Group debt as at 23 May at $13m and net cash position at $8.7m.

"We remain committed to the on-going share buyback programme and, subject to shareholder approval at today's AGM, expect to pay the final dividend for 2023 of 0.77p per share on 19 July, having paid the interim dividend of 0.33p per share on 24 January.

"In Egypt, we are preparing to drill in both El Fayum and NBS later this year, while in Vietnam, preparations are well advanced for our 2H two-well drilling programme on TGT. I am pleased with the recent progress made on the licence extension discussions on both TGT and CNV, while in Egypt we are pursuing a consolidation of our two concessions into one to deliver a number of benefits. On Blocks 125 & 126 in Vietnam, we are progressing options to secure a drilling slot for Prospect A, the key catalyst for parties interested in farming in to these licences.

"Finally, I announced my intention to retire as CEO of Pharos at the Preliminary Results in March and will remain in the post until my successor has been appointed to ensure a smooth transition. The Company will inform the market once that appointment has been made."

[dunderheed] 21/5/2024 08:42

Again 100% agree.
I am incredulous that the nomination of Jann, all that time ago, was not simply as a placeholder because, for some inexplicable reason, they had spent so much time "going to market" and seemed unable to find any better suited replacement?
I hope this wasn't some bizarre experiment, balancing the gender composition of the board, because whilst there are brilliant women absolutely capable of such a role, Jann doesn't seem to have been one of them and, it could be used as an an unfair example of why such ideology shouldn't be followed. As ever all IMHO and DYOR.

[yasx] 21/5/2024 08:16

Dunder,

Until we get a replacement for Jann, there will be no sustained progress. Like everything else with Pharos, it is taking longer than expected.

I hope we can in due course get confirmation of a continuation of the buyback scheme and/or increased dividend. Pharos holders have been very patient and deserve that as a bare minimum.

[dunderheed] 16/5/2024 09:56

100 % agree Yas. Really terrible and hopefully will improve but, realistically slowly, IMHO.

[yasx] 16/5/2024 09:45

Still no sign of them securing a rig, less stil a partner. This lot have no idea of forward planning and no desire to get anything done. Every six months they serve up a presentatiobn offering one excuse after another, never their fault, always factors outside their control.

Hopeless, utterly hopeless.

Jann was supposed to step sdown at the end of last month, but there has been nothing to suggest a replacement has been found. So who is in control now? Presumably 9and certainly judging by the inaction at Pharos) it is Jann but given this apparently was a planned retirement, why on earth did they not begin the process of searching for a replacement months ago? Of course we all know it was forced upon her and one hopes that a more capable chap to steer Pharos is not far away.

I think one or two other resignations are needed in order to drain the swamp.

[cwa1] 13/5/2024 07:38

A couple of nice slugs of shares for Jann and Sue. Free of charge courtesy of the, ahem, challenging annual performance related annual bonus granted in 2022 which, of course, they smashed...

[yasx] 08/5/2024 12:57

The shares have essentially gone sideways since 2021 - the market awaits developments on various fronts, especially as regards JV for 125 but this team have no ability to progress that.

Look forward to one or more new appointments to the Board - some fresh talent to expedite affairs. With Jann hitting the ground running is comprised of a daily announcement regarding the buying back of shares at prices higher than they raised funds at a few years ago.

It has taken them three years to even begin to talk about the prospect of securing a rig - even then it is unclear if they have achieved that.

It requires a degree of optimism to think a farm-out will happen in 2024 - 2025 seems more probable right now, unless a replacement for Jann is secured very soon.

[yasx] 03/5/2024 11:51

Surely a rig has been secured - at the recent preentation they hinted it was imminent.This apparently is a necessity
to enabling a partner for 125.

Securing a partner for 125 does not seem imminent - by the end of 24 seems overly optimistic.

What a shambolic team we have.

[cwa1] 03/5/2024 07:49

Interesting, another one bites the dust

[oilinvestoral] 03/5/2024 07:44

Ding dong another director gone! This time Marianne Daryabegui has stepped down ! She was one of the directors BR voted against last summer and was no doubt going to do the same again this year.Fingers crossed Suzie is next

[cwa1] 01/5/2024 07:58

You're doing such an excellent job, have some more freebies...

[yasx] 25/4/2024 21:10

Anyone on here attending the AGM?

[glavey] 21/4/2024 07:47

She's WFH, that maybe a push too far...

[yasx] 19/4/2024 13:30

Surely Jann can announce that they have secured the rig before she departs. It would perhaps be her biggest achievement - actually, on reflection, her only achievement.

Come on Jann, do give it a push.

[cwa1] 18/4/2024 12:07

Please can you sell some Phoenix shares as well :-))