Business
Interim results for six months ended 30 June 2024
Interim results for six months ended 30 June 2024.
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\")\nInterim results for the six months ended 30 June 2024\nPharos Energy plc, an independent energy company with assets in Vietnam and Egypt, announces its interim results for the six months ended 30 June 2024. A conference call for analysts will take place at 09.00 BST today.\n \n \nKatherine Roe, Chief Executive Officer, commented:\n\"Since joining as CEO in July, I have found a solid operational business with quality assets delivering stable production and robust cash flows, an impressive team, and a strong financial base. Alongside this, the improving macro environment in Egypt has seen our receivables position improve significantly with over $20m received year to date. This financial strength allows us to announce today the intention to pay an interim dividend of 0.363 pence per share for the current financial year, a continuation of the existing share buyback programme and, importantly, the repayment of all our outstanding debt. We are proud of our Company moving to a net cash position of $17.5m at 30 June and, subsequent to that, is now debt-free.\n\"We have a solid foundation from which to build on and move forward to grow value in both Vietnam and Egypt. We benefit from having assets with catalysts. In Vietnam, actively progressing the license extensions will unlock appraisal potential. In Egypt, our consolidation proposal will provide enhanced fiscal terms to encourage appropriate re-investment. This will all be considered within the framework of a strict and transparent capital allocation policy that is balanced appropriately and with the priority on evaluating opportunities that can deliver the highest return to shareholders.\n\"I want to thank shareholders for their continued support and look forward to updating the market on our upcoming activity.\"\n \n1H Operational Highlights\n· Group working interest 1H production was 5,851 boepd net (1H 2023: 6,915 boepd net), in line with full year guidance:\no Vietnam 1H production 4,456 boepd (1H 2023: 5,566 boepd)\no Egypt 1H production 1,395 bopd (1H 2023: 1,349 bopd)\n· In Vietnam:\no Surface and subsurface optimisation to ensure stable TGT and CNV 1H production\no Approval...