Business
2022 Preliminary Results
2022 Preliminary Results.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n 22 March 2023\n \n \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 2022 Preliminary Results\n \n \n \n Pharos Energy plc,\n an independent energy company,\n announces its preliminary results for the year ended 31 December 2022. A conference call will take place at 10.00 GMT today.\n \n \n \n \n \n \n Jann Brown, Chief Executive Officer, commented:\n \n \n \n \"\n 2022 was a year of significant change for Pharos. Amidst the macroeconomic challenges and ongoing volatility specifically in Egypt, we delivered crucial milestones that have allowed us to rebuild resilience in the balance sheet, helping us to deliver on our strategy of creating long term, sustainable value for our shareholders via both regular cash returns and organic growth. Pharos is in a much stronger position with the 2023 work programme underway and a focus on sustainable cash generation with capital discipline to deliver returns to our stakeholders.\n \n \n I would like to thank our global colleagues, investors, government and JV/JOC partners for their continued support and I look forward to updating stakeholders as Pharos works towards a new phase of growth in 2023.\"\n \n \n \n \n \n \n \n \n 2022 Corporate Highlights\n \n \n \n · \n Enhanced fiscal terms secured in Egypt through the signature of the Third Amendment to the El Fayum Concession in January 2022, increasing Contractor's share of revenue from c.42% to c.50%\n \n \n ·\n Completion of farm-out transaction and transfer of operatorship of Egyptian assets to IPR in March 2022, delivering a carry of the Group's remaining 45% interest, expected to continue into Q3 2023\n \n \n ·\n Completion of $3m share buyback programme announced in July 2022, with a further $3m committed for 2023\n \n \n ·\n Announcement of policy for annual dividend, based on Operating Cash Flow\n \n \n · \n Reshaping of Board structure and composition from 9 to 6 Directors with Jann Brown\n appointed as Chief Executive Officer in March 2022\n \n \n ·\n Commitment to achieve Net Zero GHG emissions from all our assets by no later than 2050 announced in September 2022\n \n \n ·\n Establishment of an Emissions Management Fund, under which we will set aside $0.25 for each barrel sold at an oil price a...