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Definitely stepping up the buy backs at 0.5m day now, picking up the pace before drilling.
It looks to me as if they are stepping on the gas to buy shares at this level, perhaps with some news due around month end. VN extensions & 125 prospects followed by a 125 farm-in?
Looking forward to the long-delayed rerating towards at least NAV.
Just on this post, I note that there are at least five complete misunderstandings or (deliberate) errors in the way someone has misreported the brief comments from 14.43 elsewhere, so one should always go back to the actual source(s) rather than rely on that individual’s rather warped view. I’m away for the next few days so won’t be commenting further
I’d just observe that the last time a buyback programme was initiated was shortly before they started distributing money back to shareholders. IMO dividends will be resumed with the next full year results in Feb 23; I’d be thinking c.3p per share. So buybacks at current levels will have an effective 12% discount built in. And then there is also the possibility (as there was last time) of special dividends in the next 2-3 years (see Ed Storey comments from AGM c2018).
I really don’t mind poor PR at this juncture - that’ll just lower the buyback price.
Shame the bought/sold volume isn't reflected in the share price.
Almost half a million shares on the buyback yesterday, mopping up each price point.
Mgt clear as to the value here and stated resuming dividends also very much in their thoughts.
I bought some more. Lowered my average as bought c70p. Given the price of oil, and if Taiwan kicks off, then might even make a profit!
Impressed by Jann Brown CEO fair play, talks about balance sheet strength, share holder returns and “mature high value, rapid payback, high net back assets” in Vietnam and a great set up now in Egypt.
Yes. I note they have PV support for five-year licence extensions, so those should appear in September. And I note the well on 125 next year, the potential upside of which is yet to be laid out for shareholders.
I do wish they would stop using the vacuous Sarah Lowther for these puff pieces though - the nauseating sycophancy detracts from the message.
Still…..keep buying back cheaply for the next two months, and all will be fine.
Vietnam drilling set to commence in September.
In H2 we can expect , two additional development wells block 16-1 TGT Field and one development well block 9-2 CNV Field.
Share buyback underway and good levels of current free cashflow generation.
Hopefully head towards the broker target 70p as H2 progressed.
In May they said:
“On Block 125, final 3D seismic processed results are EXPECTED in July 2022. FOLLOWING THIS the Group will proceed to seismic mapping to identify prospects”
Ten days ago they said “Final 3D processing is well underway”
All consistent.
Bear in mind that the processing is all in the hands of a contractor, not the company - so expected timings are not within company control.
It is therefore mystifying why certain people have a stopwatch out, ready to abuse management again, especially as the RNS event will be prospect identification, not receipt of the processed data. For all we know, there may have been no further slippage and they may already have the data…..but the key point is that it REALLY doesn’t matter a jot. It is yet another molehill being embellished into a mountain.
The only thing I’m interested in is the prospect identification on 125.
Is that for the PHAR "management" EE?
From my perspective they seems to have a few problems understanding such "timelines".
Quick scan reading of previous RNS announcements -
In January the 3d work was due to be completed 1h 2022 - I take from you below - that is end of June?
In May the 3d work was due to be completed IN July 2022 - I take it they mean by the end of July then and NOT August? Then no mention at all of amendment OF July 2022 (in the update IN July 2022) so I assume a fair person would infer that still was "accurate"?
Perhaps you could forward your message to them to explain what the "end of July 2022" means as they seem to be in need of such guidances as I am certainly confused?
All IMHO and DYOR.
I’ll just put an explanatory note here, for the benefit of certain “challenged” people:
Early 2022 = By the end of April
Mid 2022 = May to end of August
Late 2022 = Sept to Dec
Alternatively:
First half 2022 = By the end of June
Second half of 2022 = July to December
or
Q1 = by the end of March
Q2 = April to June
Q3 = July to September
Q4 = October to December
This is simply dividing the 12 months into 2 or 3 or 4 parts.
It seems that certain deranged people find this concept a bit tricky for them. Amazingly…but they do ??
Also please note the date of an event is not the same as the date of an announcement. Certain people seem to struggle with that too (yes….amazing isn’t it! ??)
My apologies to the 99.5% of readers who already knew this! ??
So……in fact they bought back only 75,000 shares……very interesting, because that means the demand from yesterday - and the big trades - was essentially proper investment demand.
Can’t recall the last day when volumes were so high, in fact, which poses questions about who is buying……
Of course, the company would argue that the share price is materially undervalued - but then they (and I) have thought that for the last three and a half years. Feels as if (finally!) a rerating may be on the cards?
After today's action, it looks as if someone is stepping on the gas to get the buyback done at these levels. Though of course the buyback may well have stimulated wider interest. I'll be surprised if there aren't a million of the 3.5mn being bought back.
Wonder what 125/6 looks like.....
Correction 250% upside #PHAR to 70p
New note out by @AuctusAdvisors on Pharos target raised to 70p + 350% upside from current 20p SP. forecast free cash flow aggreagt to FY23 to be greater than market cap.
Good to see a share buyback now initiated, debt down and cash balance up.
Looking forward to the Vietnam drilling to commence September and in Egypt.
Will lift the sp imv , at last!
Absolutely no surprise at the news today.??
Seismic supposedly due soon for Vietnam exploration licenses, could throw up some big prospective Oip numbers and catch the mkt out .
Looking forward to the Q2 2022 Pharos Energy Trading Statement this month and hopefully details of the H2 Vietnam drilling campaign.
Modest share purchases. The CFO purchase is hardly inspiring at these prices. better than nothing but a 1 or 2 extra zeros would be better
I know how to pick them. What kind of oil producer drops heavily when oil prices are at 15 Yr highs. This is dire stuff.
Pharos wouldn't be attractive for them - two minor positions in Vietnam and Egypt. They already have 1/3 of Israel and we have no idea if there's anything there.
I agree it makes sense for this to be sold.