Business
Interim results for the Half-year to 30 June 2022
Interim results for the Half-year to 30 June 2022.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n 14 September 2022\n \n \n Pharos Energy plc\n \n \n (\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n \n \n Interim results for the Half-year to 30 June 2022\n \n \n \n Pharos Energy plc,\n an independent oil and gas exploration and production company,\n announces its interim results for the six months ended 30 June 2022. An analyst conference call will take place\n at 11.00 BS\n T today.\n \n \n \n \n \n \n Jann Brown, Chief Executive Officer, commented:\n \n \n \n \"Our results for this half year underscore the cash generation potential of our portfolio of assets, with operating cash flow of $27.6m achieved. In Vietnam, further development drilling on both TGT and CNV is due to commence imminently, with the rig on location and preparing to spud. In Egypt, a rig on long-term contract has been secured and is due to arrive in Q4 to continue the development drilling programme. These activities are set to add to production levels and cash flow in H2 and beyond.\n \n \n We continue to focus our efforts on driving efficiencies, controlling costs and making judicious investments to maximise the value of our portfolio. The share buyback programme, which we announced in July, continues as part of the Company's broader strategy to deliver value to our shareholders and is expected to run for a further four to six months.\n \n \n Pharos is now in a materially improved financial position, has an accelerating programme in Egypt and significant growth potential in Vietnam. Together, these put us in a strong position and I am pleased to be able to reward shareholder patience with the announcement of a return to a regular dividend, based on operating cash flow, with the first payment set for 2023. With our strengthened balance sheet, a portfolio of cash generative assets with substantial upside in both near term developments and exploration potential plus a commitment to capital\n discipline, we are well placed to create sustainable shareholder value.\"\n \n \n \n \n \n \n Corporate Highlights \n \n \n \n ·\n Signature of the Third Amendment to the El Fayum Concession Agreement 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 Ph...