Business
2020 AGM Trading and Operations Update
2020 AGM Trading and Operations Update.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 5601M\n Pharos Energy PLC\n 12 May 2020\n \n \n \n \n Pharos Energy plc\n \n \n (\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n 2020 AGM Trading and Operations Update \n \n \n 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 AGM on 20 May 2020. The information contained herein has not been audited and may be subject to further review and amendment.\n \n \n \n \n \n Ed Story, President and Chief Executive Officer, commented:\n \n \n \"The health and safety of our employees, contractors and other stakeholders is always a primary focus of Pharos. As the COVID-19 pandemic continues, it remains at the forefront of our thinking as we maintain production operations. Earlier in the year in response to low oil prices, we took prompt action and cut capital expenditure by deferring some of our largely discretionary investments in Egypt. We are working closely with our partners to achieve cost reductions across the business and are managing our portfolio to ensure we remain robust in this challenging period. We firmly believe demand for oil and gas will continue to be an important component of the global energy mix over many future decades and we are positioning ourselves to survive the low oil price environment for the medium to long term for the benefit of all our stakeholders.\"\n \n \n \n \n \n Summary\n \n \n · \n Despite the COVID-19 pandemic, production operations continue in both Vietnam and Egypt, with strict health and safety measures in place. No reported cases of COVID-19 amongst staff, contractors or JV partners to date. \n \n \n · \n Group working interest Q1 production 11,589 boepd net \n \n \n o \n Egypt Q1 production 5,596 bopd; April averaged 6,396 bopd and peaked at 7,009 bopd 23 April 2020\n \n \n o \n Vietnam Q1 production 5,993 boepd; April averaged 6,467 boepd\n \n \n · \n Vietnam 2019 two-well TGT drilling campaign completed on time and under budget, and the upgrade to \n Gas Turbine compressors completed ahead of schedule in Q1 2020\n \n \n · \n Group revenue for Q1 2020 was c.$35.0m before the benefit of our Q1 hedges of $5.8m; \n \n \n o \n A further $6.3m of hedging revenues have been...