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Merger with Tullow. Had thought they might bid for Pharos being in Egypt and Israel. Probably good for Pharos all the same to have a bigger entity as a partner .
Only 6 trades so far today in Pharos versus 60 at Hurricane Energy . Yet both produce similar amounts. Seismic from Vietnam Exploration blocks due soon, might light a fire under this
Went through company presentation and had a quick calculation. I believe free cash flow can be well above 100 million dollars. It seems to me the company has good hedging strategy and almost no cost in igpt.
Smaller part of a sale order flew through at 32.05p @ 11am as I placed it , fell back to 31.3p nearly strait after , explains why the bigger part did not execute.
Quiet is good = Not so much hot money.
25% sliced at 30p
I've been in this share since around the 19p mark and seen a nice steady rise, but the question i have is ,why is it so quiet ?
BOD's heads are in the clouds re debt levels - up c $23m in 2021 !!? They also seem deluded in their commentary re the future ?
Hedging loss of $30m and their strategy assumes a higher oil price, maybe better to go with the flow ? Their breakeven seems in the $60's pboe ?? Been in SOCO and now this mess for years, what torture !! Future will tell !! All imo of course !!
Does anyone have a up to date NAV for Pharos
Summary
· Group working interest 2021 production 8,878 boepd net, in line with production guidance:
- Vietnam production 5,560 boepd net
- Egypt production 3,318 bopd
· 2022 production guidance:
- Vietnam 2022 production guidance 5,000 - 6,000 boepd net
- Egypt 2022 production guidance will be confirmed post transfer of operatorship to IPR
· Cash balances as at 31 December 2021 were approx. $27m; net debt c.$58m
· Group revenue for 2021 was c.$163m before net hedging loss of c.$30m:
o Vietnam revenues for the year c.$130m
o Average realised oil price per barrel from Vietnam was just under $73/bbl, representing a premium to Brent of just under $2/bbl
o Egyptian revenues for the year circa $33m*
o Average realised oil price per barrel from Egypt achieved was approx. $65/bbl, representing a discount to Brent of c.$5/bbl
· Relevant law regarding the Third Amendment of the El Fayum Concession Agreement formally issued by the Egyptian President dated 31 December 2021
· Significant progress made on all material conditions precedent to the transaction with IPR
· Separate announcement issued this morning with details of directorate changes
Given the idiots running the show in this country, its nice to see some govts welcoming the development of fuels we will need for the next 50 years, whilst we pay over the odds for something we have on our doorstep.
"I am delighted to announce that the first phase of the infill development drilling programme in TGT has finished, with all four wells testing at rates in line with or ahead of pre-drill expectations. The campaign was completed ahead of schedule and under budget. The well intervention programme conducted earlier in the year also delivered rates above expectations. Together, these two operational campaigns have increased production capacity and will ultimately improve recovery from the field. They also support the further activity set out in the Full Field Development Plan designed to optimise field oil & gas recovery and a submission request for a five-year contract term extension.
https://oilprice.com/Energy/Crude-Oil/Is-Egypts-Oil-And-Gas-Sector-Set-To-Boom.html
Just bought back my phar shares 19.45 what a bargain.
Good couple of RNS. ship is travelling in right direction
Plenty more to come...Egypt drills, Vietnam and Israel potential
The biggest failure here is getting into Egypt. Biggest mistake ever.
Nothing matters until the self-imposed stasis in Egypt is resolved. Either they agree a farm out or start doing it again themselves.
They've completely hobbled the shares by freezing activity, setting a firm timeline for the agreement and then failed to meet it.
Perhaps we shouldn't forget that once Egypt is sorted (if?) then we might see concentration on a new fdp to write back as reserves much of the Vietnam assets which were removed. I know this company from over 20 years ago and the Chairman used to be good at pleasant surprises for his fellow shareholders. I have only a small holding now, but it was a 10-bagger+ for me once!
15th September will be interesting - delay in farm-out conclusion hurting confidence but plenty of opportunities alongside clear risks.
14th July - In Egypt, work on our farm-out, which will provide the investment for future development, is progressing well with all major drilling activity in the meantime having been put in abeyance until the process has been concluded.
29th July - "The 909 km2 3D seismic programme in Block 125 was acquired over the past several weeks, and in combination with our 7,107 line km of 2D seismic acquired in 2019 across Blocks 125 & 126, this fulfils our geophysical commitment over both blocks. The Phu Khanh Basin is geologically analogous to most of the prolific hydrocarbon producing basins of Southeast Asia and it represents the last unexplored frontier in Vietnam. The 3D seismic, once processed and interpreted, will give us, and our local partner SOVICO, an unrivalled data set to identify prospectivity anywhere between the source kitchen in the basin deep all along the predicted oil migration pathway to the shallow basin margin. We will use this data to attract an investment partner for any subsequent drilling phase. Exposure to acreage with such material potential can be truly transformational for many companies but particularly for one the size of Pharos.
29th July - Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to announce the completion of its 3D seismic programme on the western part of Block 125 in the Phu Khanh Basin, offshore Vietnam; and the completion of the refinancing of its Reserve Based Lending Facility ("RBL") secured against the Group's producing assets in Vietnam.
now sub 20p :(
60p is pie in the sky. I think 35p is very achievable.
glad I am out. £0.35 or £0.60 is pie in the sky.
Thinking about buying back in , but a bit concerned about the large sells lately
Ok looks good from here. I’ve set a buy price at 22p