Pharos Energy (PHAR) H2 2024 TU earnings summary

Executive summary

• Achieved stable production and robust cash flows in 2024, with successful drilling in both Vietnam and Egypt.

• Ended the year debt-free, supporting a growth-focused 2025 work programme.

• Licence extensions in Vietnam granted, increasing 2P reserves by approximately 10%.

Financial highlights

• Group revenue for 2024 was approximately $134m: $115m from Vietnam and $19m from Egypt.

• Cash balances at year-end were about $16.5m, with all debt fully repaid since September.

• Payments received in Egypt totaled $25.5m in 2024; receivables at year-end were $29.5m.

• Interim and final dividends for 2023 totaled $5.9m; share buyback programme utilized $3m, repurchasing over 30.7 million shares.

Outlook and guidance

• 2025 production guidance: 5,000–6,200 boepd net (Vietnam: 3,600–4,600 boepd; Egypt: 1,400–1,600 bopd).

• Planned drilling in Vietnam (TGT appraisal well, additional drilling potential) and Egypt (El Fayum and NBS drilling programmes).

• Forecast group cash capex for 2025 is about $33m.

• On track to achieve a 5% emission reduction target for 2024–2026.

• Interim dividend for 2024 of 0.363 pence per share ($1.8m) paid in January 2025.