Business
2020 Preliminary Results
2020 Preliminary Results.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5953U\n Pharos Energy PLC\n 07 April 2021\n \n \n \n \n \n \n \n 7 April 2021\n \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 2020 Preliminary Results\n \n \n Pharos Energy plc, \n an independent oil and gas exploration and production company, \n announces its preliminary results for the year ended 31 December 2020. A conference call will take place at 0900 BST today.\n \n \n \n \n \n Ed Story, President and Chief Executive Officer, commented:\n \n \n \"Despite the challenges of the past year there have been positives; group production was in line with guidance, we were granted an extension to our TGT and CNV licences in Vietnam; and the TGT Full Field Development Plan, where drilling will commence in Q3 2021, received final approvals. In order to preserve liquidity and the opportunities in our current portfolio during a turbulent 2020, we deferred discretionary capex, reduced our cost base, and took the difficult decision to suspend the dividend. Vietnam provides the lowest breakeven in our portfolio, investments here have quick paybacks, and the drilling programme is fully self-funded from the operating cash flows in country. We expect to reach post capex free cash flow in H1 2022. In Egypt, reserves have been significantly upgraded and the waterflood programme has commenced, supported by the equity placing completed in January 2021. We are well advanced in a process to select the right farm-out partner to make the investment needed to fast-track material production growth and, an agreement has been reached with EGPC on a change to the El Fayum licence terms which, once approved by the Egyptian Government, will enhance operating cash flows and profitability. Finally I want to thank our colleagues for all of the commitment and energy that has seen us through what has been a hugely difficult year.\" \n \n \n \n \n \n 2020 Corporate Summary\n \n \n The health, safety and welfare of our staff, suppliers and host communities across our business has been our highest priority \n \n \n · \n Pharos has continued to manage its operations carefully, with the Group adhering to the COVID-19 procedures and restrictions put in place by its host countries, with negligible disruption to business in the period\n ...