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PHAR Pharos Energy Plc

-1.25 (-5.21%)
22 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pharos Energy Plc LSE:PHAR London Ordinary Share GB00B572ZV91 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.25 -5.21% 22.75 10,081 16:35:01
Bid Price Offer Price High Price Low Price Open Price
22.10 23.40
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil & Gas Field Services,nec USD 167.9M USD -48.8M USD -0.1128 -2.13 103.84M
Last Trade Time Trade Type Trade Size Trade Price Currency
13:06:26 O 6 23.00 GBX

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Pharos Energy (PHAR) Discussions and Chat

Pharos Energy Forums and Chat

Date Time Title Posts
21/5/202408:42Pharos Energy / Soco International 1,999
13/5/202407:38Pharos Energy-A New Beginning8,353
23/5/200300:09The Phuture is bright1

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Pharos Energy (PHAR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-05-22 12:06:2623.0061.38O
2024-05-22 12:06:2622.10459.95O
2024-05-22 10:35:2423.5210,0002,352.08O
2024-05-22 10:03:5722.10306.63O

Pharos Energy (PHAR) Top Chat Posts

Top Posts
Posted at 22/5/2024 09:20 by Pharos Energy Daily Update
Pharos Energy Plc is listed in the Oil & Gas Field Services,nec sector of the London Stock Exchange with ticker PHAR. The last closing price for Pharos Energy was 24p.
Pharos Energy currently has 432,672,858 shares in issue. The market capitalisation of Pharos Energy is £103,841,486.
Pharos Energy has a price to earnings ratio (PE ratio) of -2.13.
This morning PHAR shares opened at -
Posted at 18/4/2024 12:01 by stepone68
"stepone68 3 Apr '24 - 14:26 - 8338 of 8347

By coincidence I'm about to transfer my SIPP and had to turn everything into cash to speed the process up, so I am no longer a Pharos shareholder for the first time in over 20 years."

It hasn't escaped my notice that since my sale on the 3rd the share price is up 15%

Posted at 16/4/2024 10:27 by cwa1
Snippet from Progressive Research report:-

Delivering on operations and balance sheet Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022)and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends, and to start to increase investment in 2024, including exploration in Block 125 in Vietnam, which if successful would be a key driver of shareholder value.

▪Profits hit by non-cash impairment. Pharos announced a net loss after tax of US$48.8m (FY22: US$24.4m profit), as it incurred a non-cash impairment of US$65.4m (FY22: impairment reversal of US$27.9m). Net cash from operating activities was US$44.9m (FY22: US$53.4m).

▪Strong balance sheet. With strong operating cash flow and Egyptian farm-out proceeds covering a significant proportion of capital investment, Pharos reduced net debt to US$6.6m at year-end (FY22: US$28.9m). In March, Pharos announced that it hasreceivedpayment of US$10m of receivables from the Egyptian state company, EGPC, which will largely fund its share of operational and capital expenditure in Egypt for 2024.

▪Operational performance. On the operational side, in Vietnam the recent lateral well drilled on CNV came on production significantly above expectations, allowing production to hold steady at 5,127 boepd in 2023 (2022: 5,418 boepd). In Egypt, Pharos has made a discovery in North Beni Suef and added two new production wells, although, as guided by management, production fell to 1,381 bopd in 2023 (2022: 1,748 bopd).

▪Outlook. Production guidance for 2024 is 5,200-6,500 boepd, comprising 3,900-5,000 boepd from Vietnam and 1,300-1,500 bopd from Egypt. In Vietnam, further development drilling is planned for 2H 24 on the TGT field, with expectations of an exploration well on Block125, with farm-out discussions in hand. In Egypt, the expectation is for capital allocation to continue to be modest, with activity focused on low-cost re-completions and waterflood activities on El Fayum. Total capex planned for 2024 is US$32.0m, of which US$4.9m is covered by the farm-out in Egypt.

▪Valuation. The US$279.3m valuation of tangible assets in Pharos’s balance sheet reflects the NPV of 23.5 mmboe of 2P reserves as at 31 December 2023 based on Brent oil prices of $81.5 for 2024, $79.0 for 2025 and $79.2 for 2026. This valuation is reflected in the net asset value of $273.5m
Posted at 03/4/2024 11:41 by oilinvestoral
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.
Posted at 27/3/2024 09:33 by stepone68
Gecko - disagree on the share price going nowhere... it's been very clearly going down!
Posted at 27/3/2024 09:16 by geckotheglorious
Interesting moves by the CEO.
The stress of the share price going nowhere clearly finally got to her.

Wonder who will get parachuted in.
Posted at 16/1/2024 07:39 by cwa1
Pharos Energy plc

("Pharos" or the "Company" or, together with its subsidiaries, the "Group")

Trading and Operations Update January 2024

Pharos Energy plc, an independent energy company, issues the following trading and operations update to summarise recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2023 and outlook guidance for 2024. This is in advance of the Company's Preliminary Results on 27 March 2024. The information contained herein has not been audited and may be subject to further review and amendment.

Jann Brown, Chief Executive Officer, commented:

"Pharos delivered a strong operational performance across the portfolio in 2023 and there is significant operational momentum going into 2024. The Group had success on drilling in both Vietnam, with the CNV well coming in strongly, and in Egypt, with discoveries on the first NBS exploration well and the El Fayum exploration well. On Block 125, parallel discussions with several potential farm-in partners are ongoing and we have joined forces with another operator in the region to enhance our position in the rig market.

"The Company has built solid foundations of sustainable cash generation from a robust and diverse production base, which enabled us to make returns of $8.4m to shareholders, invest in our assets and reduce our net debt to c.$6.5m, despite the ongoing payment lags in Egypt. Alongside this solid base, in Block 125 in Vietnam we have an exploration prospect which offers significant upside potential and we are progressing plans to drill as quickly as possible. We continue to execute on our strategy of regular returns to shareholders plus growth, and we look forward to delivering value for all shareholders in 2024 and beyond."

Operational Highlights

-- Group working interest 2023 production was 6,508 boepd net (2022: 7,166 boepd net), in line with 2023 guidance:

o Vietnam 5,127 boepd (2022: 5,418 boepd)

o Egypt 1,381 bopd (2022: 1,748 bopd)

-- In Vietnam:
o On TGT, Revised Field Development Plan ("RFDP") approved by MOIT on 9 January 2024

o On CNV, strong performance from first new lateral well, delivered on time and under budget and put on production in 1Q 2023

o CNV RFDP submitted to partners for approval, with discussions ongoing

o Initial positive feedback received from PVN and MOIT on five-year extension proposals to the TGT & CNV licences

o On Blocks 125 & 126, two-year PSC extension granted to 8 November 2025

o CPR for Block 125 published in July 2023, confirming a range of gross unrisked prospective oil resources of between 1,178 MMstb (1U) and 29,785 MMstb (3U) with a Mean value of 13,328 MMstb

-- In Egypt:
o Three new wells (2 producers and 1 injector) put on production and injection in 2023 in line with expectations

o On El Fayum, exploration success with the first commitment well in the Abu Roash G and Upper Bahariya formations in July 2023. The well is set up for re-entry and testing in 2024

o On NBS, first exploration commitment well (NBS-SW1X) declared a commercial discovery in April 2023 and put on production in December 2023, opening up a new area for production and development

o Second NBS exploration commitment well was drilled in the Abu Roash G formation at a deeper depth and failed to encounter oil-bearing sands. The result of this well does not hinder other mapped prospects in the concession

o Approval received from EGPC in December 2023 for the grant of a 20 year development lease for NBS-SW1X

o 3D seismic survey acquired on time and on budget in 2H 2023

Financial Highlights

-- Group revenue for 2023 was c.$168m with minimal hedging losses (2022: $221.6m before hedging loss of $22.5m)

o Vietnam c.$149m

o Egyptian c.$19m (1)

-- Cash balances as at 31 December 2023 were c.$32.6m; net debt c.$6.5m (2022: cash balances $45.3m; net debt $28.9m)

-- Egypt receivable position as at 31 December 2023 stood at $37.3m (31 Dec 2022: $24.2m). The continuing volatility of the macro-economic environment in Egypt and further devaluation of EGP against USD during the year, plus the lack of ability to convert EGP into USD, means that it remains preferable to continue to hold USD denominated receivables, other than where they can be used to fund ongoing expenditures on expiry of the carry from IPR

-- The December redetermination process under the RBL completed with a principal repayment of $12.6m made in December 2023

-- Following that repayment, the remaining amount drawn under the RBL stands at $30.0m
(1) (Egyptian revenues are given post government take including corporate taxes.)

Corporate Highlights

-- $3m share buyback programme substantially completed by year end 2023
-- Final dividend for the 2022 financial year of 1p per share, totalling $5.6m, paid on 12 July 2023

-- Net Zero roadmap published on 6 December 2023
-- Appointment of Dr Bill Higgs as a new independent Non-Executive Director, as announced separately today

-- Appointment of Shore Capital Stockbrokers Limited (Shore Capital) as the Company's joint broker with immediate effect

2024 Outlook

-- Group working interest production guidance of 5,200 - 6,500 boepd net:
o Vietnam 3,900 - 5,000 boepd

o Egypt 1,300 - 1,500 bopd

-- In Vietnam:
o Planning underway for a two-well TGT drilling programme, expected to commence 2H

o On Block 125, ongoing discussions with another operator to secure a well drilling slot in connection with their proposed multi-well drilling programme in the region

o Parallel discussions with several potential farm-in partners for Block 125 in progress

-- In Egypt:
o Continuation of modest and measured approach to capital allocation and drilling in El Fayum and NBS, with an eye on the receivables balance

o Focus for this year's work programme in El Fayum is low cost recompletions and waterflood

o Processing and interpretation of c.130km(2) of 3D seismic data on NBS is underway and expected to be completed in 2H

o Development drilling in the NBS SW field planned to start in 2H

-- Forecast Group cash capex in the year is expected to be c.$32.2m (c.$27.3m after Egyptian carry by IPR)

-- Continuation of share buyback programme, with a further $3m committed as announced on 6 December 2023

-- Interim dividend in relation to the financial year ending 31 December 2023 of 0.33p per share declared on 6 December 2023, amounting to c.$1.8m, to be paid out on 24 January 2024. Final dividend, in line with the Company's policy announced in September 2022, to be paid in July 2024, subject to shareholder approval

Ed Story

The Company noted with great sadness the death of its founder, Ed Story, in December 2023. Since retiring as CEO in March 2022, Ed had remained active as part of the team dealing with Vietnam and his responsibilities will now pass to Vincent Duignan, the Group Exploration Manager & General Manager South East Asia. Vinny will be supported at Board level by Dr Bill Higgs, whose appointment as Non-Executive Director was announced today.
Posted at 04/10/2023 16:54 by sharksmouth
Alas, same old, same old from Pharos.
Egypt - yet more application of lipstick to a demonstrably ugly pig!
Vietnam - any exploration hopes are far outweighed by the paucity of strategic planning & forward thinking shown by this board.
ESG - it must be said that Pharos are certainly at the "top of their game" on this. If only this "wretched" market would recognise this superb achievement with some share price appreciation, eh?
Executive performance - from Jann's reply to the questions about votes against the management, executive costs & the stagnant share price, I discern a sense of foreboding in her defensive answers.
Conclusion - The sooner Bradley brings this gravy train to a stop, the better it will be for the owners of this company, including the apathetic somnulents amongst us, with their inherited shares.
Posted at 10/8/2023 07:51 by cwa1
Progressive Research have initiated coverage of Pharos...

(You need to sign up)

It's research is entitled Back To Growth and is written by Peter Hitchens

Initiating coverage: Back to growth
Like the rest of the industry, Pharos Energy was impacted by the Covid-induced collapse in the oil price, at a time when the company was heavily investing in Egypt. Net debt rose to US$57.5m at end-FY21. However, management has farmed out 55% of its Egyptian assets and put through significant cost-cutting measures, reducing debt to a more modest level of c.US$16m at the end of June 2023. Pharos is now in a position to restart returning cash to shareholders (via a dividend and buyback) and we believe it is set to increase investment, including commitment exploration, which should be a significant 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.
Posted at 25/5/2023 08:14 by ashkv
Sell PHAR Buy JSE.... No brainer...

Pharos Share Price: 22.6
PHAR Current Share Price vs 52 Week low of 17.75p on 23 Sep 2022: 27.32%
PHAR Current Share Price vs 52 Week High of 29.8 on 19 Apr 2022: -24.16%
Brent: $78.00
Brent Current Price Performance vs H2 2021 Low of $64.57: 20.80%
Market Cap (GBP): £97,420,896
GBPUSD: 1.235
Market Cap (USD): $120,314,807
Net Debt (USD) - 25 May 2023 Update: $29,000,000
Receivables (USD) - 25 May 2023 Update $29,000,000
Enterprise Value (USD) [Market Cap + Debt - Cash]: $149,314,807
PHAR Actual Average Production - FY 2022: 7,962
PHAR Production Mid-Guidance (6,050 - 7,500) FY 2023: 6,775
PHAR Actual Average Production Up To 30 Apr 23: 6,805
EV/BARREL- Actual Average Prod FY 2022: $18,753
EV/BARREL- USD Mid-Guidance FY 2023: $22,039
EV/BARREL- USD Actual Average Production Up To 30 Apr 23: $21,942
Shares Outstanding (24 May 2023): 431,065,912
Posted at 21/10/2022 16:44 by cwa1
Pleasantly respectable finish to the week, with a modet uptick in the PHAR share price

Time to knock off shortly and look forward to a glass of something nice :-)

Enjoy your weekend all
Pharos Energy share price data is direct from the London Stock Exchange

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