Pharos Energy Share Discussion Threads

[yasx] 26/11/2024 22:29

OilAl,

For me, there were a few indicators suggestive of a continuation of complacency and even a worsening of the situation, as follows:

1: KR had a poor resume
2: Sayed got promoted into a key role despite his lack of achiement in a lesser role
3: Radoff was not in the market for more shares despite a well flagged notifiable seller offloading

Joining the above dots led me to conclude nothing was on the horizon this year.

[oilinvestoral] 25/11/2024 17:20

Credit where credit is due! I've got to admit , you've called this much better & more accurately than I have Yasx! I honestly (and possibly naively) thought that the departure of Jann would herald a change and that once KR had 3-4 months in the job we would be seeing positive changes appearing. Announcement of the farm out, operational reviews / optimisations being conducted or simply more cost cutting to improve margins.I can't think of 1 positive over the past 5-6 months (same old same old). The share price languishes at 21p!

[yasx] 21/11/2024 10:56

Another week without any adequate action.

[adam] 18/11/2024 12:42

“Towards the end of this decade, deepwater will be the key, if not the only, source of non-Opec oil growth,” says Erlingsen.“ (FT - Offshore oil is back. At what cost?)

[steved9] 15/11/2024 08:29

If Pharos was a dog it would have been put down! We all need releasing from this bloody company!

[yasx] 15/11/2024 07:25

Another week of inactivity…..

[yasx] 14/11/2024 11:16

It seems KR is continuing the theme of hitting the ground running.

As for Sayed, the Board are probably tryingvto understand whatbhe is saying when he mumbles a few lines-perhaps google translate might assist.

I just cannot believe this bunch are steering a listed Co. Radoff has gone silent and is not increasing his position despite the availability of shares from the recent seller - perhaps he really is backing KR. If that is the case, well, it will need a miracle to get a result here.

[yasx] 01/11/2024 12:08

Another week of complacency comes to an end……..

[yasx] 31/10/2024 13:25

OilAl,

Rapidly explored!! Chuckle chuckle. The dud failed politician really is detached from reality.

Fischer selling has weoghed on the price and Radoff seems not to be intetested in taking more. An enlatged, more aggressive buyback may be useful.

[glavey] 30/10/2024 11:14

Combined with the buy-back policy that LTIP is pretty effective then...

[adam] 30/10/2024 10:46

I’m guessing Radoff must be inside and there is an overhang. Otherwise why would we not see him increasing here? As far as I can make out he is worth perhaps in the order of $100m - $200m, so this is a substantial investment for him.

[cwa1] 28/10/2024 18:16

Shareholder Announcement...

[oilinvestoral] 25/10/2024 06:24

Small correction in my post below : after the effective shares in issue had dropped to just over 414 million shares , we are now back over 416 million shares because of the free LTIPs that were handed over to Sue and Jann this week! They've just undone weeks worth of buybacks! The dynamic duo are worth every penny! Despite the free LTIPs , I still own more shares in this mutt than the CFO!!!!

[oilinvestoral] 24/10/2024 20:34

YasxYour old friend the failed politician has opined that "Block 125 will be one of very few opportunities that could be rapidly explored and developed"! I honestly kid you not! This is the same BLOCK 125 that was awarded to us around 6-7 years ago! The same block that he expected to be farmed out and drilled by the summer of 2022! He then goes on to opine that he thinks "Exxon will come back for another look"!

[oilinvestoral] 24/10/2024 20:31

I definitely share your frustrations and the frustrations of many others who have held this dog while the shares have done nothing or in most cases lost a lot over the past 5 years ! The appointment of Mo to the BOD is certainly a step backwards! There seems to be no light at the end of the 125 tunnel. In saying all that, the balance sheet is significantly stronger, the Egyptians seem to be drip feeding us cash and if oil prices stay at these levels, the FCF between now and 2027 is more than the current enterprise value of the whole company. Even without taking Vietnam licence extensions or potential farm out in to account, the shares are way too cheap at these levels. The buyback is slowly but surely starting to remove shares from circulation and we are now below 415 million shares ...

[yasx] 23/10/2024 10:47

Adam,

There will be no bid given the inappropriate diversification of assets following the misconceived foray into Egypt.

125 is unlikely to ever get drilled with the existing team - that to me seems fairly clear. They simpmy don’t have the skills to negotiate or deliver.

The outlook depends on Radoff shaking things up but despite now acquiring around a fifth of the Co he has made no move. Before anyone suggests the displacement of Jann, to be honest it would have been better to retain her than having KR appointed and MS promoted.

I still hope for some announcement to take this to 30p so I can bank very tidy profits and move on.

[adam] 23/10/2024 09:31

I haven’t formed a view on the new management. However there is the small matter of a new rather large and activist shareholder that I hope underwrites the value here. Most investors here are not interested in the dividend so much as the risk/reward if 125 gets drilled. The biggest risk seems to me to be a cheap bid.

[yasx] 23/10/2024 09:10

One has to consider the opportunity cost of holding Pharos - unless the dividend is increased substantially it brings into play the logic of holding on to the shares given the very low probability of the current team doing anything beyond the basics. While Jann was there hope existed that she may be replaced. Her replacement is, in my view, a backward step and I was hardly a supporter of Jann.

An even bigger blow has been the appointment of Sayed - I simply cannot see him making any progress on any front. He is not only complacent but completely useless.

[yasx] 18/10/2024 16:28

Another week with no progress.

[yasx] 15/10/2024 21:42

GS,

I am referring to the farm in partner(s) when I reference partners.

[greyingsurfer] 15/10/2024 19:21

They'll need a farm in too!

[yasx] 15/10/2024 18:16

It seems they have very poor negotiating and planning skills - the rig is only part of the problem.

I know they have advised that partners they are in negotiations with have indicated any partnership is contngent upon securing a rig, but I doubt they are in actual constructive negotiations with anyone. I fear that is just a smokescreen.

Promoting Sayed renders void any chance of them progressing anything - it just seems to be going backwards.

We could do with a matked increase in the dividend while we wait.

Regrettably 125 remains a distant dream for now. Simply reiterating every six months that rig availability is tight and they are in active advanced discussions with multiple partners is meaningles twaddle.

[adam] 15/10/2024 15:23

Will the easing of the oil price free up a rig for us? That seems to be the key to unlocking 125.

[yasx] 15/10/2024 11:18

Indeed.

The real question is why Jann jumped. Clearly she knew Radoff would eventually apply pressure, but if he had made clear his intentions then he should have tried to influence to some extent the choice ofvreplacement.

2024 has been another year of pedestrian paced progress and one can only hope the rest of the Board depart in 2025 otherwise next year will be another that is wasted.

[glavey] 15/10/2024 10:47

Well, someone suitably qualified had to be drafted in to sustain the previous achievements...