Pharos
Energy plc
("Pharos"
or the "Company" or, together with its subsidiaries, the
"Group")
Trading
and Operations Update December 2024
Pharos Energy plc, an independent
energy company with assets in Vietnam and
Egypt, issues the following Trading and
Operations Update to summarise recent operational activities. The
information contained herein is not audited and may be subject to
further review and amendment.
Katherine Roe, Chief Executive Officer,
commented:
"The second half has been busy for the Company with drilling
activities commencing again in both Vietnam and
Egypt, with successful results. Our
strengthened
balance sheet, following
the repayment of
all outstanding debt in September, has enabled us
to support an active drilling work
programme, delivered on
time and on budget and in line with
pre-drill expectations. These additional wells are already adding
to our existing production and will help underpin exit rates as
we approach the end of the
year. They will also help manage production decline and contribute
to next year's guidance which we will share in the new
year.
"I
would like to thank our in-country teams for their dedication and
strong collaborations with partners and stakeholders to achieve
these successful results. With production maintained, we feel
confident we can continue to fund future capital investments whilst
also maintaining our sustainable returns to
shareholders."
Financial Highlights
· Strengthening balance sheet: Pharos is debt free having repaid
all outstanding facilities in September 2024; cash balance at 30
November 2024 of c.$18m
· Continuing receipt of payments in Egypt: received $24m from
EGPC year to date, with balance at 30 November 2024 of $31.1m
Operational Highlights
· Year
to date average production of 5,760 boepd net, in line with 2024
annual guidance of 5,200 to 6,500 boepd. We expect full year
production delivery to align with the YTD average
production
· Active
2H 2024 with successful drilling campaigns in both Vietnam and
Egypt
· In
Vietnam:
o TGT:
successful completion of two-well infill drilling programme in
October on time and under budget; both wells are on production with
initial rates in line with pre-drill estimates
o Approval process for the TGT and CNV five-year licence
extensions by the Vietnamese Government now at final stages; once
received this will enable further investment in both
fields
o Discussions continue with potential farm-in partners and rig
contractors required to progress Block 125 & 126
o Working interest production as at 30 November
2024 of 4,324 boepd net
· In
Egypt:
o El
Fayum: successful drilling of second exploration commitment well in
September, encountering oil-bearing reservoirs in Abu Roach G
formation; the well will be tested in December 2024
o One
development well is being put on production
o NBS:
expected completion of 3D seismic data processing in 1Q 2025, with
data interpretation and mapping to follow
o Consolidation discussions of the Egyptian concessions are
progressing well, with EGPC and IPR fully engaged and
aligned
o Working interest production as at 30 November 2024 was 1,436
boepd net
Enquiries
Pharos Energy plc
Tel: 020 7747 2000
Katherine Roe, Chief Executive
Officer
Sue Rivett, Chief Financial
Officer
Mohamed Sayed, Chief Operating
Officer
Camarco
Tel: 020 3757 4980
Billy Clegg | Georgia Edmonds |
Violet Wilson | Kirsty Duff
Notes to editors
Pharos Energy plc is an independent
energy company with a focus on sustainable growth and returns to
stakeholders, which is listed on the London Stock Exchange. Pharos
has production, development and/or exploration interests in Egypt
and Vietnam. In Egypt, Pharos holds a 45% working interest share in
the El Fayum Concession in the Western Desert, with IPR Lake Qarun,
part of the international integrated energy business IPR Energy
Group, holding the remaining 55% working interest. The El Fayum
Concession produces oil from 10 fields and is located 80 km
southwest of Cairo. It is operated by Petrosilah, a 50/50 joint
stock company between the contractor parties (being IPR Lake Qarun
and Pharos) and the Egyptian General Petroleum Corporation (EGPC).
Pharos also holds a 45% working interest share in the North Beni
Suef (NBS) Concession in Egypt, which is located immediately south
of the El Fayum Concession. The first development lease on the NBS
Concession was awarded in September 2023 and production started in
December 2023. IPR Lake Qarun operates and holds the remaining 55%
working interest in the NBS Concession. In Vietnam, Pharos has a
30.5% working interest in Block 16-1 which contains 97% of the Te
Giac Trang (TGT) field and is operated by the Hoang Long Joint
Operating Company. Pharos' unitised interest in the TGT field is
29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang
(CNV) field located in Block 9-2, which is operated by the Hoan Vu
Joint Operating Company. Blocks 16-1 and 9-2 are located in the
shallow water Cuu Long Basin, offshore southern Vietnam. Pharos
also holds a 70% interest in, and is designated operator of, Blocks
125 & 126, located in the moderate to deep water Phu Khanh
Basin, north east of the Cuu Long Basin, offshore central
Vietnam.