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When this moves it will move quick!
I was wondering why this share does nothing all day with very few trades considering price of oil then starts going mental at 3.02pm very strange...! well on our way to 35p+ here IMO.
amazing its not rerated considering POO
Oil up again!!
overdue an update but expect significantly improved since June below:
Trading and Operations Update
Pharos Energy plc, an independent oil and gas exploration and production company, issues the following Trading and Operations update in advance of the Company's half-year results on 19 August 2020. The information contained herein has not been audited and may be subject to further review and amendment.
Summary
· Rapid and responsible response to COVID -19 and oil price fall - protecting people, cutting costs and deferring capex
· Group working interest H1 production 12,093 boepd net, in line with production guidance;
o Egypt H1 production 5,979 bopd
o Vietnam H1 production 6,114 boepd net
· 2020 Production Guidance remains unchanged as announced on 12 May;
o Egypt - 5,000-6,000 bopd
o Vietnam - 5,500-6,500 boepd net
· Group revenue for H1 2020 was c.$77m, including the benefit of our H1 hedges of $21m
· Production operations continue in both Vietnam and Egypt in light of COVID-19, with strict health and safety measures in place
· Cash balances as at 30 June 2020 of c.$38m after RBL repayment of $22.3m on 30/06/20, Net debt of c.$36m - further RBL payment of $9.4m expected to be made by 14/07/2020
· Cash capex for the full year has reduced to c.$37m of which the majority has already been incurred
· Cash cost savings on total group expenditure for the year of c.25% have been achieved, cost reduction programmes ongoing
Hope next year significant reduction in hedging reduced CAPEX should see big lift in margin
Cash OPEX $11 so with oil currently $50
should see good lift in profits this quater
i think this could surprise to the upside in coming weeks
Egypt needs to be abandoned if Pharos is to get back to profit if you look at the figures they give break even at 38-42 dollars that is with no money spent on new drill which means the production levels will drop and cash will drop and they are not making much
Lots of oil stocks booming on the vaccine / oil price rise news. Hopefully usual delay on Phar and then catch up! Egypt starting to make a few quid now I think, each little OP rise helping
Have a read through the last presentation to see why https://www.pharos.energy/media/qntn4od5/pharos-interim-results-presentation-26_08_2020-final.pdf
Oil is flying and may hit 50 shortly.
Finally a little bit of catch up - long time since we’ve been on the risers board!!!
Markets down a lot at present if these drop in morning into 10p area will load up more
This is heading up
Bigger buys taken at near full ask. Tick up coming
Yes volume picking up here very cheap at this level moves quick so I loaded up may add this morning
Moving up under radar 12.5p finish looking good here todayb
Finish would be nice......inching up slowly. Just waiting for further volume
Volume is picking up......again
Just topped Up very cheap at present can see this ready to move upwards
Nice and steady - 3% up and more to come. EIA data will be interesting later, along with markets moving higher
Low stock.....so expect it to jump higher
Looks as this is about to turn and head back up......finding it very hard to add at this level. Fair value many multiples from here.
15k production, oil rising.