The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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"Meanwhile I see the buyback levels are getting cheaper. All fine with me"
Interesting spin on share price being in the toilet. Not much evidence buybacks doing much at all.
Good to have an update on this from a meeting last week - looks like the dollar shortage may soon be eased.
Meanwhile I see the buyback levels are getting cheaper. All fine with me - perhaps they should increase and extend the programme?
Link for live event with mgt
https://www.investormeetcompany.com/pharos-energy-plc/register-investor?utm_source=TWITTER&utm_medium=TWITTER&utm_campaign=PHAR
These things are often rotated around in countries that are generally a bit short of dollars. But there is no doubt that there are preferred parties. At this point, I’d say there is nothing of significance - but it would worth making a comparison when all the companies’ annual results are available.
I’d also note that the issue was anticipated - hence the bank facility.
Does anyone have an opinion on the difficulties pharos have in getting paid in dollars?
I had a brief look at Apache and Transglobe Egypt and they did not mention any problems in their Q2 results.
Surprisingly the buybacks have achieved nothing here. My other oil shares up same amount or more since buybacks started here.
Just for the record Auctus are forecasting total dividends of USD12mn in 2023, which is about 10% of current market cap. ie precisely what I suggested elsewhere, a couple of months ago (triggering another round of abuse from the moron twins)......
"In Vietnam, further development drilling on both TGT and CNV is due to commence imminently, with the rig on location and preparing to spud"
Auctus Advisors has published a new research note on: Pharos Energy "Re-instating a material dividend"
Auctus estimate c.10% dividend based on current market cap.
Target price 70p
Current SP 24p
I’d be watching the farmout of 125/6, where they are already in discussions with “a number” of interested parties. My guess is that those discussions are quite far advanced and an announcement will be made in November, prior to considering the detailed drilling options in early December.
The other point I note is that market conditions would have justified an addition $40mn ish of writeback on TGT, had they not limited the writeback - that is c.8p per share.
The interims are sound. Looks like divi returning.
What disappoints me, the turnaround and improved balance sheet is due, in the main, to external forces. (High prices)
Against these high prices the work overs and if possible the exploration should have been accelerated.
(I understand the demand for rigs high )
It almost feels like the business is just run by a set of accountants.
Lets see when the company does the rounds - if they can be a little more excited about the next 12 weeks from Oct.
I'd expect a full-year dividend, but not a prior interim. I imagine there will be a clear signal though.
Let's see what the interims bring tomorrow.
I would like to see debt down and cash up.
Also, some progress with the workovers. Finally - some clearer dates for the drills in this Qtr.
Soon see....!!
I recall that a couple of insistent bullying people on another board were lambasting Pharos management whilst simultaneously claiming that Jadestone had superb and superior management and could do no wrong
I'm therefore interested to note that whilst Pharos is up a modest 20% or so over the last year, Jadestone has actually fallen.
.....not that those concerned will acknowledge their double error, of course...??
I have been here a while. If they can deliver this has plenty of upside. hoping for a few good RNSs.
… yes, on the one hand, PHAR / SOCO have had a poor track record in recent years but the energy sector is looking good right now. Can PHAR deliver is the question and if so will they pay a divi?
Thanks Beza. I found https://walletinvestor.com/lse-stock-forecast/phar-stock-prediction also. Aimo and Dyor as you are. I hold from the Soco Interntl days hesitant to add more at present. A red flag for me is PHAR price being down on a day when Oil and Gas prices have risen !!
Stockopedia. I believe their forward forecasts are based on a consensus of broker forecasts.
Beza, perused PHAR websites but not remotely up to date, for example : https://www.pharos.energy/operations/vietnam/
Where did you find the 13p 2024 EPS Consensus please ?
ArK87, price down even today with Oil and gas prices up !!
Yes, I had some of these when they were SOCO and sold out for a small loss after a run of poor results. They were a £1 or so then so I’m glad that I did but now, with the price down here, things look a little different. Western countries like the U.K. have gone out of their way to afford investments in fossil fuels, despite still using it and this makes things look interesting.
The reason it’s cheap though is because the management and news flow here have been appalling. Let’s hope they can finally turn it around.
Tempted to buy in here. Broker consensus is showing a eps for 2024 of 13p/share. Very impressive if, if, they deliver.
Just for the record, they have now bought back about 4.4mn shares so have spent just over £1 million. Plenty of capacity for more…..unless the market catches up first.
News looms (for every company) at the start of September.