Pharos 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 2021. This is in advance of the Company’s Preliminary Results on 16 March 2022. The information contained herein has not been audited and may be subject to further review and amendment.
- Group working interest 2021 production 8,878 boepd net, in line with production guidance:
- Vietnam production 5,560 boepd net
- Egypt production 3,318 bopd
2022 production guidance
- Vietnam 2022 production guidance 5,000 – 6,000 boepd net
- Egypt 2022 production guidance will be confirmed post transfer of operatorship to IPR
- Cash balances as at 31 December 2021 were approx. $27m; net debt c.$58m
- Group revenue for 2021 was c.$163m before net hedging loss of c.$30m:
- Vietnam revenues for the year c.$130m
- Average realised oil price per barrel from Vietnam was just under $73/bbl, representing a premium to Brent of just under $2/bbl
- Egyptian revenues for the year circa $33m*
- Average realised oil price per barrel from Egypt achieved was approx. $65/bbl, representing a discount to Brent of c.$5/bbl
* Egyptian revenues are given post government take including corporate taxes.
Ed Story, President and CEO, said:
“2021 was a year of achievement for Pharos, enabling us to return to growth in 2022. We have seen the successful completion of Phase 1 of the TGT development drilling programme in Vietnam which has increased production and cash flows, the farm-out of the Concessions in Egypt which offers growth with little near term capex, and the RBL refinancing which gives the Company financial headroom. These milestone events have happened at a time of rising oil prices to significantly strengthen our outlook for the future. We look forward to updating investors throughout the coming year as we embark on a period of growth for the business.”