Business
Interim results for the Half-year to 30 June 2023
Interim results for the Half-year to 30 June 2023.
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 Half-year to 30 June 2023\nPharos Energy plc, an independent oil and gas exploration and production company, announces its interim results for the six months ended 30 June 2023. An analyst conference call will take place at 11.00 BST today.\n \nJann Brown, Chief Executive Officer, commented:\n \"The first half of the year has been marked by strong operational performance. In Vietnam, the lateral well drilled on CNV came on production significantly above expectation and this success is now being factored into future development plans. In Egypt, The first exploration well drilled on the NBS concession was successful and efforts are underway to secure approval for production to commence in 4Q this year. An exploration well in a new zone of the main producing asset in Egypt, El Fayum, has also been successful. \n\"Vietnam continues to deliver robust revenues and cash flows to support the business and our returns to shareholders. We are progressing the licence extensions through the system enabling us to prolong the lives of these fields. In Egypt, capital is being allocated carefully to reflect the economic situation. In the short term, we continue to be supported by the terms of the deal struck with IPR, with full carry plus the oil price based contingent consideration, the first payment for which we received in June. Looking to the future, the potential of our Egyptian assets has been enhanced with exploration successes delivered this year. \n\"Finally, we were delighted to secure a two-year extension to the term of our exciting frontier exploration position, Blocks 125/126 in Vietnam. This extension gives us time to bring in the right farm in partner and to complete the necessary work to drill this basin opening play. The size of the prize has company making potential and the risk reward dynamic for investors from drilling is asymmetric. We will pursue drilling on Block 125 as soon as we have secured a partner and a rig.\n\"The company continues to focus on delivering returns to shareholders through our commitment to a regular dividend, our ongoing share buybacks, and by driving value throughout the portfolio to grow the business.\"\n \nCorporate Highlights &nb...