Business
2025 AGM Trading and Operations Update
2025 AGM Trading and Operations Update.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n\nPharos Energy plc\n(\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n2025 AGM Trading and Operations Update\nPharos Energy plc, an independent energy company with assets in Vietnam and Egypt, provides the following Trading and Operations Update ahead of the Company's annual general meeting (AGM) on 22 May 2025 at 14.00 (BST). The information contained herein has not been audited and may be subject to further review and amendment.\n \nKatherine Roe, Chief Executive Officer, commented:\n \n\"We have had a strong start to 2025, with production on track and solid free cash flow generation, underpinned by our high-quality asset base, debt-free position, and continued financial discipline. In Vietnam, our business remains robust with a low breakeven oil price, and we see significant potential for growth in production. Following the approval of the TGT and CNV licence extensions in December 2024, preparations are now well underway for the drilling of TGT and CNV appraisal wells. With the recent securing of rig contracts, we are progressing with our priority of appraising important new areas of our two fields to drive further growth and value from our producing assets. \n \n\"In Egypt, we are making steady progress across our self-funded assets and are focused on completing the concession consolidation negotiations as soon as possible following the signing of an MOU with EGPC in February 2025 and recent positive traction.\n \n\"We remain committed to our strategic priority to deliver growth, scale and attractive returns to shareholders, and believe the steps we are taking will drive meaningful production growth in 2026 and beyond.\"\n \nHighlights \n· Group working interest production for the four months ended 30 April 2025 was 5,757 boepd net, in line with Group working interest 2025 production guidance of 5,000 - 6,200 boepd:\no Vietnam 4,216 boepd. Vietnam 2025 production guidance 3,600 - 4,600 boepd net\no Egypt 1,541 bopd. Egypt 2025 pr...