Pharos Energy Share Price (PHAR)

So….from the AR&A, these are the approx changes in major holders since last year:

Lombard Odier……sold 30mn

Yorktown……sold 20mn

Radoff…..bought 38mn

Aberforth …..bought 4.5mn

Pharos…..bought 10mn in buyback

The only other change noted was Blue Albacore sold c 300,000 (so 1% of holding)

The other longstanding holders (Continis, Maugein estate, Story etc hold the same as last year.

Guess the main Q is what will happens to Story’s 16.2mn, but there don’t seem to be any other blocks potentially in play.

New Pharos broker research document out by Progressive Equity Research, reads really well, clearly strongly cash generative with some huge blue sky upside coning from the Vietnam asset.

I listened to that live and thought it was fair enough, especially the plans re 125……where I wait to see if Vinnie’s expectations are met.

I had a look at the Q&A write-up today, and imagine the company execs ripping their hair out at some of the lobotomised nonsense therein. For the avoidance of doubt, none of the questions were mine - I’ve had no contact with the company for several months.

But news on 125 should be a rerating catalyst, one a parter and firm well slot can be finalised.

Going to see a cash build here now and a re-rate in due course as updates flow and pile increases.

Egypt cash USD payments resumed.

Vietnam very strong cashflow on a premium to brent crude.

Https://youtu.be/9BUrGm5jjZE?si=4_XWk-_yUK8EyYP3