Pharos Energy
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Pharos Energy (PHAR) investor relations material

Pharos Energy Trading Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Trading Update summary22 Jan, 2026

Key operational achievements

  • Six-well offshore drilling program in Vietnam is fully funded and underway, with two infill wells completed and producing, and further wells scheduled through mid-2026; appraisal successes are expected to drive near-term production growth and de-risk further development opportunities.

  • Two-year licence extension for Vietnam Blocks 125 & 126 to November 2027, with a formal farm-out process at an advanced stage and farm-in partner discussions ongoing.

  • In Egypt, a new Consolidated Concession Agreement with improved fiscal terms was approved, expected to increase production and provide a value uplift, with 3D seismic work identifying new drilling targets.

  • Recent $20 million payment from EGPC has reduced receivables to the lowest level since 2021, and group ended 2025 debt free with a cash balance of about $40m.

  • Six-well work programme for 2026 agreed with the operator in Egypt, with preparations underway.

Production and drilling update

  • 2025 production reached 5,398 boepd net, with 4,095 boepd from Vietnam and 1,303 bopd from Egypt; 2026 guidance is 5,200–6,400 boepd net, with Vietnam contributing 4,000–4,950 boepd and Egypt 1,200–1,450 bopd.

  • Appraisal success in Vietnam could deliver up to a 20% production increase compared to 2025.

  • Active infill and appraisal drilling in TGT and CNV fields, with key completions expected in 1Q and 2Q 2026.

Egypt operational and financial highlights

  • 2P reserves increased by 25% to 3.1 MMstb from year-end 2024.

  • Development leases extended for up to 20 years, with an 11-well work programme over four years.

  • Three new exploration areas awarded and material reduction in Egyptian receivables, with $37.7m payments received in FY 2025.

  • Improved terms include higher cost oil, increased profit oil share, and signature bonus offset against receivables.

Vietnam appraisal wells impact on production
Blocks 125 & 126 farm-in process status
Capital allocation for growth vs shareholder returns
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H2 202530 Mar, 2026
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