Business
Trading and Operations Update
Pharos Energy plc reported a strong 2025 with approximately $115 million in revenue, driven by $100 million from Vietnam and $15 million from Egypt, while maintaining a debt-free position with a year-end cash balance of around $40 million, boosted by a $20 million payment from EGPC. The company successfully completed two infill wells in Vietnam, with drilling ongoing for appraisal and further infill wells, and secured a two-year extension for Blocks 125 & 126. In Egypt, a consolidated Concession Agreement was approved, and for 2026, Pharos forecasts production between 5,200 and 6,400 boepd net, with expected capital expenditure of $50 million, and has maintained its dividend policy, paying an interim dividend of $2.2 million. Disclaimer*
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\")\nTrading and Operations Update January 2026\nPharos Energy plc, an independent energy company with assets in Vietnam and Egypt, is pleased to provide the following Trading and Operations Update for recent operational activities and performance in respect of the financial year to 31 December 2025, and outlook guidance for 2026. This is in advance of the Company's Preliminary Results to be published on 25 March 2026. The information contained herein is not audited and may be subject to further review and amendment.\n \nKatherine Roe, Chief Executive Officer, commented:\n \n\"2025 was a year of achievement for Pharos as we successfully delivered many key milestones to unlock further value from our existing asset base. In Vietnam, we are pleased to be drilling offshore again with a significant six-well infill and appraisal drilling campaign on TGT and CNV that is expected to increase production from these assets by c.20%, with appraisal well successes adding to reserves. We are proud that our successes to date on these operationally challenging wells have been achieved on time and on budget. On Blocks 125 & 126, approval of the two-year extension to the PSC Exploration Period in June strengthened our position as we progress discussions with potential farm-in partners in a structured process. In Egypt, we were pleased to receive approval from EGPC in September of a consolidated Concession Agreement which provides an attractive investment framework for both Pharos and our partner IPR. Most notably, I am delighted we ended the year with a $20 million payment from EGPC, doubling our year-end cash balance and reducing our outstanding receivables balance to $7.4m, its lowest level since December 2021.\"\n \n\"We are excited to start 2026 from a position of strength, progressing our important Vietnam drilling campaign and preparing for the committed work programme in Egypt. In parallel, we are stepping up our efforts to identify opportunities beyond our existing portfolio that will drive further growth and returns for shareholders. The Board will continue to consider the appropriate level of returns to shareholders given the strength of the balance sheet whilst managing capital allocation for growth. We thank our shar...