We continue to focus our efforts on driving efficiencies, controlling costs and making judicious investments to maximise the value of our portfolio. The share buyback programme, which we announced in July, continues as part of the Company's broader strategy to deliver value to our shareholders and is expected to run for a further four to six months.
Pharos is now in a materially improved financial position, has an accelerating programme in
Corporate Highlights
Signature of the Third Amendment to the El Fayum Concession Agreement in
Completion of farm-out transaction and transfer of operatorship of Egyptian assets to IPR in
Reshaping of Board structure and composition from 9 to 6 Board members
Initiation of share buyback programme in
Commitment to achieve Net Zero GHG emissions from all our assets by no later than 2050 announced toda
y - Establishment of an
Operational Highlights
Group working interest production 7,962 boepd net (1H 2021: 9,147 boepd) in line with full year guidance
Production 5,861 boepd net (1H 2021: 5,429 boepd net)
Drilling of first of two TGT development wells due to commence
Work on submission of TGT & CNV licence extension requests progressing within the JOCs
Work ongoing to progress well planning and to secure a partner before drilling the commitment well on Block 125 in 2023
Production 2,101 bopd (1H 2021: 3,718 bopd)
Development activities continues in El Fayum, targeting recovery of c.17 Mbbl 2P
Four wells on production in the period
Drilling rig secured on long-term contract
North Beni Suef (NBS) first exploration commitment well planned for Q4 2022
Financial Highlights
Group revenue
Net profit of
Cash generated from operations
Operating cash flow
Cash operating costs
Cash balances as at
Forecast cash capex for the full year c.
Net debt as at
Net debt to EBITDAX of 0.51x 2 (1H 2021: 1.26x) 2
Outlook
2022 full year Group working interest production guidance remains unchange d at 6,350 - 7,800 boep d net
2022 production guidance range unchanged at 5,000 - 6,000 boepd net
Three well drilling programme, including two development wells at TGT and one development well at CNV, is on track to commence with the rig on location at TGT
Work ongoing to progress well planning, with discussions ongoing to secure a partner ahead of drilling the commitment well on Block 125 in 2023
2022 production guidance range unchanged at 1,350 - 1,800 bopd (equivalent to gross production of 3,000 - 4,000 bopd)
Rig secured on a long-term contract due to start in
Progressing work on conventional and unconventional exploration prospects to further enhance the value of our acreage
NBS commitment well due to be drilled in Q4 2022
Request for an extension to the NBS exploration period has been submitted to EGPC
Net Zero commitment on all assets by 2050, detailed roadmap coming in 2023
Recommending recommencement of regular dividend payments starting in 2023, subject to shareholder approval at AGM 2023, returning no less than 10% of Operating Cash Flow (OCF)
Contact:
Tel: +202 2785 0023
Fax: +202 2591 8044
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