Business
TRADING AND OPERATIONS UPDATE
TRADING AND OPERATIONS UPDATE.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0657Z Pharos Energy PLC 08 January 2020 \n\nPharos Energy plc\n(\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\nTrading and Operations Update January 2020\nPharos Energy plc, an oil and gas exploration and production company, issues the following trading and operations update to summarise recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2019. This is in advance of the Company's Preliminary results due to be announced on 11 March 2020. The information contained herein has not been audited and may be subject to further review and amendment.\nKey Highlights\n· Vietnam production 7,081 boepd\n· Egypt production 6,007 bopd 2019 exit rate / average production 5,055 bopd (2 April to 31 December 2019)\n· Cash balances as at 31 December 2019 were approx. $58m; net debt $42m \n· Vietnam revenues for the year were circa $155m\n· The average realised oil price per barrel from Vietnam was just under $68/bbl, representing a premium to Brent of just over $4/bbl. Premiums for term sales in 1H 2020 are circa $6/bbl. \n· Egyptian revenues between completion on 2 April and 31 December 2019 were circa $34m* \n· The average realised oil price per barrel from Egypt achieved over the same period was approx. $59/bbl, representing a discount to Brent of circa $6/bbl \n* Egyptian revenues are given post government take including corporate taxes.\nOperations Update\nEgypt \nEgypt Production\nThe transaction to complete the acquisition of the Egyptian assets was finalised on 2 April 2019. Production from the El Fayum concession averaged 5,055 barrels of oil per day (bopd) from 2 April to 31 December 2019. The exit rate of 6,007 bopd achieved at 31 December 2019 was short of the guided exit rate of 6,500 bopd due to operational delays. Three rigs will be running through 1Q 2020 as a catch-up for the earlier operational delays, after which the drilling programme will revert to two rigs. \n \nEgypt production guidance for 2020 is 6,500 to 7,500 bopd net\n \nEgypt Development and Operations\nEl Fayum (100% Part...