Business
2026 AGM Trading and Operations Update
Pharos Energy plc reported strong operational and financial performance for the four months ending April 30, 2026, with group working interest production at 5,561 boepd, driven by a successful six-well drilling campaign in Vietnam nearing completion and a new six-well campaign commencing in Egypt. Group revenue for the period was approximately $49 million, supported by strong realised oil prices, particularly in Vietnam where prices ranged from $72/bbl to $126/bbl. The company maintained cash balances of approximately $31 million and has approximately 38% of its 2026 forecast production hedged, with an average floor price of $60/bbl and an average ceiling of $79/bbl. Capital expenditure for 2026 remains on budget at approximately $50 million, weighted towards the first half of the year. Discussions with potential farm-in partners for Blocks 125 & 126 are ongoing. Disclaimer*
About this update from Pharos Energy Plc
[{"type":"text","content":"\n\n12 May 2026\nPharos Energy plc\n(\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n2026 AGM Trading and Operations Update\nPharos Energy plc, an independent energy company with assets in Vietnam and Egypt, is pleased to provide the following Trading and Operations Update ahead of the Company's annual general meeting (AGM) on 21 May 2026 at 2.00 p.m. (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\"It has been a busy start to the year for Pharos as we advance two ongoing multi-rig drilling campaigns in Vietnam and Egypt. Our six-well offshore program in Vietnam is almost complete, with five of the six wells successfully drilled, all on time and on budget. These are already contributing to production and reserves growth. In Egypt, we have commenced our six-well drilling campaign, leveraging improved fiscal terms to drive additional value.\n \n\"These fully-funded campaigns to grow production, coupled with our exposure to higher near-term oil prices, particularly in Vietnam, where we continue to receive a premium to Brent, are driving strong cash flow generation. We remain committed to monetising our high-impact exploration in Vietnam as the farm-out process continues, whilst also identifying value-accretive opportunities to add to our existing portfolio.\n \n\"Pharos remains well-positioned to unlock further growth and deliver value for shareholders. We thank shareholders and all our stakeholders for their continued support.\"\n \n \nHighlights:\n \n· Group working interest production for the four months ended 30 April 2026 was 5,561 boepd net, in line with 2026 guidance of 5,200 - 6,400 boepd:\no Vietnam 4,492 boepd. Vietnam 2026 production guidance 4,000 - 4,950 boepd net\no Egypt 1,069 bopd. Egypt 2026 production guidance 1,200 - 1,450 bopd net\n· Vietnam:\no Six-well offshore drilling programme commenced operations on 18 October 2025\no Five out of six wells successfully finished drilling on time and budget; all currently producing in line with expectations and contributing to production and reserves. Drilling of the final appraisal well, CNV-5X, on tr...