Business
2021 AGM Trading and Operations Update
2021 AGM Trading and Operations Update.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3088A\n Pharos Energy PLC\n 01 June 2021\n \n \n \n \n \n \n \n 1 June 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 \n \n \n 2021 AGM Trading and Operations Update \n \n \n \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 8 June 2021. 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 \n \n \n \"As a group, we are well positioned to allocate capital this year to drive cash flow and future value. \n \n \n In Vietnam, we will start the next phase of our TGT development plan when we commence infill well drilling in Q3 2021. In Egypt, good progress has been made to find the right partner to support the funding of the development plan for the discovered resource in El Fayum. In addition, modest capital is being allocated to the organic growth potential of some of our exploration assets. In Egypt, the Batran exploration well is currently operating and in Vietnam, our 3D seismic programme in the north-western part of Block 125 is planned for H2 2021. \n \n \n I would like to take this opportunity to thank all stakeholders for their continued support. The key investments in oil-field developments will deliver free cash flow and significant production growth.\"\n \n \n \n \n \n Summary\n \n \n · \n Group working interest production for the four months to April 2021 was 9,360 boepd net \n \n \n o \n Egypt production 4,010 bopd \n \n \n o \n Vietnam production 5,350 boepd\n \n \n · \n Vietnam TGT infill well drilling campaign due to start Q3 2021\n \n \n · \n Group revenue for January - April 2021 was c.$40m after net hedging loss of $9m\n \n \n · \n Cash balances as at 30 April 2021 of c.$31m, net debt of c.$25m\n \n \n · \n Forecast cash capex for full year of c.$32m \n \n \n · \n 2021 working interest production guidance unchanged from 7 April 2021\n \n \n o \n Egypt is 4,000-4,400 bopd, prior to any investment from a farm in partner\n \n \n o \n Vietnam is 5,200-6,200 boepd\n \n \n Operations Updat...