REG - Pharos Energy PLC - 2025 Preliminary Results
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260325:nRSY9823Xa&default-theme=true
RNS Number : 9823X Pharos Energy PLC 25 March 2026
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries, the "Group")
2025 Preliminary Results
A year of delivery and strength
Pharos Energy plc, an independent energy company with assets in Vietnam and
Egypt, announces its preliminary results for the year ended 31 December 2025.
An analyst presentation will take place at 09.00 GMT today by invitation only.
If you would like to register to attend, please contact Camarco at
pharosenergy@camarco.co.uk (mailto:pharosenergy@camarco.co.uk) .
Katherine Roe, Chief Executive Officer, commented:
"Pharos made significant strides in 2025 to enter 2026 with strong momentum
across our portfolio. In Vietnam, we commenced the six-well drilling campaign
on TGT and CNV to support current production and unlock incremental volumes
from these assets. On Blocks 125 & 126, approval of the two-year extension
in June 2025 enabled a renewed and structured process to progress discussions
with potential farm-in partners, which continues with active discussions. In
Egypt, we were pleased to receive approval from EGPC for the consolidation of
our two existing concessions, delivering an immediate uplift in value with
20-year lease extensions and improved fiscal terms. I am delighted that our
receivable balance is now at its lowest level since December 2021 at $6.1m,
due to the $20 million payment received from EGPC in December, doubling our
year end cash balance.
"This stronger balance sheet provides the foundation to continue our track
record of delivering tangible shareholder returns, with $6.5m of dividend
payments in 2025. Today, the Board has recommended a final dividend for the
2025 financial year of $5.2m, 0.9317 pence per share, subject to shareholders'
approval at the Company's 2026 AGM, taking the 2025 full year dividend to
1.331 pence per share, an increase of 10% on the prior year.
"Going into 2026, Pharos is well positioned for continued growth and delivery.
With a geographically stable asset base, solid financial performance, and
well-protected cash flows, we are well placed to weather challenging
macroeconomic conditions. Our majority unhedged position enables us to take
advantage of the high oil price environment while pursuing a balanced mix of
growth opportunities. We continue to progress our Vietnam drilling programme,
which is on track to complete by mid-2026, and look forward to updating the
market on the results of these wells in April or early May. In Egypt, the
first well on the agreed six-well work programme is expected to commence
shortly. On our high impact exploration asset in Vietnam, we look forward to
continuing current discussions with a view to securing a partner for Blocks
125 & 126. Additionally, we are progressing a number of opportunities to
add scale and materiality to our business, enhancing the existing portfolio.
With a strengthened balance sheet, Pharos is well positioned to continue
delivering shareholder returns while investing in the next phase of growth.
"I would like to thank all of our stakeholders for their continued support,
and I look forward to another year of progress and delivery."
2025 Operational Highlights
· Group working interest 2025 production totalled 5,398 boepd net,
in line with guidance of 5,200 - 6,000 boepd:
o Vietnam 4,095 boepd
o Egypt 1,303 bopd
· Strong safety record maintained with zero LTIs
· Vietnam:
o On TGT & CNV: six-well offshore drilling programme commenced
operations on 18 October 2025 consisting of two commitment appraisal wells and
four infill wells:
§ TGT infill wells: two infill wells on the H1 and H5 fault blocks completed
by year end. The wells were drilled on time, under budget, and are producing
as expected. The final infill well on the H4 fault block reached total depth
(TD) on 21 March 2026, and is expected to be brought into production in April
§ TGT-18X appraisal well: drilling completed on time and budget with testing
underway; update to the market on the results of the testing expected in April
or early May
§ CNV infill well: drilling of the CNV-8P infill well completed in mid-March
§ CNV-5X appraisal well: drilling commenced in mid-March and is expected to
finish mid-2026
o On Blocks 125 & 126: two-year extension to the Exploration Period to
November 2027 granted in June 2025. Discussions continue with potential
farm-in partners
· Egypt:
o Approval received in September from EGPC Executive Board for the
consolidated Concession Agreement, with improved fiscal terms effective from 5
October 2025, the date of full EGPC Board approval
o North Beni Suef (NBS) 3D seismic data processing and interpretation is
complete, with a number of targets identified and two wells included in the
committed work programme under the consolidated Concession Agreement
2025 Financial Highlights
· Group revenue of $114.6m (1,2) (2024: $136.1m (1,2))
· Cash generated from operations $85.5m (2024: $89.3m)
· Operating cash flow $55.6m (3) (2024: $54.0m)
· Cash operating costs (4) of $19.39/bbl (2024: $17.80/bbl)
· Net cash (4) as at 31 December 2025 of $40.2m, the Group is debt
free (2024: $16.5m net cash (4))
· Receivables balance in Egypt at 31 December 2025 of $7.4m
following total payments received of $37.7m
· Loss for the year of $6.6m (2024: profit $23.6m including net
post-tax impairment reversals of $19.9m)
2025 Corporate Highlights
· Commitment to shareholder returns continue:
o Sustainable dividend policy delivered with an interim dividend of 0.363
pence per share for the 2024 financial year, totalling $1.8m, being paid on 22
January 2025. The final dividend for the year ended 31 December 2024 of 0.847
pence per share, totalling a further $4.7m, was approved by the shareholders
at the Company's AGM in May 2025 and subsequently paid on 18 July 2025
o Returns to shareholders maintained with an interim dividend for the 2025
financial year of $2.2m, 0.3993 pence per share, paid on 21 January 2026
2026 Outlook
· Group working interest production guidance increased from 2025 to
5,200 - 6,400 boepd net:
o Vietnam 4,000 - 4,950 boepd
o Egypt 1,200 - 1,450 bopd
· Vietnam production:
o TGT & CNV: continuation of six-well drilling programme which is
expected to finish by mid-2026
o The four infill wells in the programme are planned to maintain production
at 2025 levels. Successes at both appraisal wells, TGT-18X and CNV-5X, could
deliver up to a 20% increase in Vietnam production volumes and de-risk
additional development opportunities
· Vietnam exploration:
o Blocks 125 & 126 formal farm-out process ongoing with discussions
continuing; further updates expected by mid-2026
· Egypt:
o Drilling rig for El Fayum now secured, with second rig being contracted
for North Beni Suef. Preparations underway for the approved budget and work
programme of six wells; first well expected to commence drilling shortly
o Parliamentary ratification of the consolidated Concession Agreement
expected later in 2026; 5 October 2025 retroactive date applies
· Final dividend of $5.2 million, equating to 0.9317 pence per
share, to be paid in July 2026, to be proposed for shareholders' approval at
the 2026 AGM; total dividend for the year of $7.4 million
· With the current volatility in commodity prices, modest hedging
has been put in place to protect downside whilst also facilitating taking
advantage of the upside
· Group cash capex for 2026 is expected to be $50m, of which $11m
is for Egypt, and $39m is for Vietnam
· On track to achieve our Net Zero interim three-year target
(2024-2026) of 5% emissions reduction compared to 2021 baseline
1 Egyptian revenues are stated post government take
2 No realised hedge gains or losses in 2025 (2024: realised hedged loss of
$0.1m)
3 Operating cash flow = Net cash from operating activities, as set out in the
Cash Flow Statement
4 See Non-IFRS measures on page 36
Enquiries
Pharos Energy plc
Tel: 020 7747 2000
Katherine Roe, Chief Executive Officer
Sue Rivett, Chief Financial Officer
Camarco
Tel: 020 3757 4980
Billy Clegg | Georgia Edmonds | Violet Wilson | Tamsin Howard
Notes to editors
Pharos Energy plc is an independent energy company focused on delivering
sustainable growth and returns to stakeholders, with a portfolio of stable
production, development and exploration assets in Vietnam and Egypt. Led by an
experienced team, Pharos is a cash generative business with a robust balance
sheet and an established platform to deliver both organic growth and inorganic
opportunities.
Pharos is listed on the Main Market of the London Stock Exchange. For further
information, please visit www.pharos.energy.
Chair's Statement
Strengthened business positioned for growth
I am pleased to present my first statement as Non-Executive Chair of Pharos
Energy, having been appointed in June 2025 following John Martin's resignation
from the Board at the 2025 AGM. I would like to thank John for his years of
dedication and hard work in guiding Pharos through challenging times, and wish
him well in his retirement.
A year of achievements
Since joining Pharos, I have been consistently impressed by the strength of
the underlying business - a high-quality asset base delivering stable
production and robust cash flows, a dedicated and highly motivated workforce,
and a healthy balance sheet.
The operational and financial milestones achieved during 2025 are a testament
to the Company's culture of capital discipline and commitment to shareholder
value. In Vietnam, we are pleased to have commenced the six-well drilling
campaign on TGT and CNV, the most significant investment into these assets
since their original development, designed to drive production growth from
both fields in 2026 and beyond. On Blocks 125 & 126, approval of the
two-year extension to the PSC Exploration Period in June is very welcome
progress as we continue discussions with potential farm-in partners in a
structured process. In Egypt, we were pleased to receive approval from EGPC
for the consolidation of our two existing concessions, with development lease
extensions for up to 20 years and improved fiscal terms providing 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 balance sheet cash and reducing our outstanding
receivable balance to $7.4m, its lowest level since December 2021.
Open dialogues and effective governance
I would like to thank our shareholders for their continued support and trust
in Pharos. The Board maintains a strong commitment to high standards of
governance through transparent, collaborative, and constructive dialogues with
all our stakeholders. During the year, I met with our joint operating partners
and government stakeholders, including EGPC, IPR, the Egyptian Minister of
Petroleum and Natural Resources, and have been greatly encouraged by the open
and receptive discussions. Their continued engagement and support were
instrumental in delivering our key achievements this year, including approval
of the consolidation of our concessions in Egypt, material reduction in our
receivable balance with EGPC, the two-year licence extension on Blocks 125
& 126 and the commencement of the significant appraisal and infill
drilling programme on TGT and CNV. Their support and confidence in Pharos
underscore the strength of our relationships and reflect the shared
recognition of Pharos' long-term commitment to the regions.
Sustainability at Pharos
Sustainability is embedded within our culture and remains integral to how
Pharos operates our business. During the year, we continued to reduce our
emissions by improving the efficiency of our operations and ensuring we have
robust GHG and HSE monitoring systems and processes across all assets. We are
on track to achieve our Net Zero interim target of 5% emission reduction at
year end 2026 compared to the 2021 baseline, and we look forward to updating
the market in due course.
Equally important is our commitment to the communities in which we work. Our
aim is to be a positive presence and add value in everything we do, and
charitable initiatives have been a part of the Company's culture since its
inception. Throughout the year, Pharos contributed to the local communities
through donations to support community development, social welfare,
healthcare, and infrastructure programmes in areas where we operate. We
believe these efforts will not only deliver meaningful social impact to our
host communities, but also reinforce a strong sense of purpose and motivation
among our global workforce.
Outlook
We entered 2026 as a strengthened business, with a resilient balance sheet, a
quality asset base underpinned by safe and responsible operations, and a
portfolio of exciting catalysts to pursue growth. We look forward to
concluding our Vietnam drilling programme safely in mid-2026, and preparation
with partners for the agreed work programme under the new consolidated
concession in Egypt is underway, further strengthening our operational base.
In parallel, we are progressing our discussions with potential farm-in
partners on Blocks 125 & 126 and stepping up our efforts to identify
opportunities beyond our existing portfolio, dedicating resources to ensure we
are active participants in the market.
Our focus on both organic and inorganic growth will continue to be guided by
capital discipline. The Board maintains a clear commitment to our capital
allocation goals: to balance returns to shareholders with investment in our
assets to generate growth, while preserving the resilience of the balance
sheet.
On behalf of the Board, I would like to thank the Pharos team for their
commitment and delivery throughout the year. I am also grateful to our
shareholders for their trust, and our partners, suppliers, and advisors for
their support. The Board looks to the future with great confidence in our
ability to deliver growth and value in 2026 and beyond.
João Saraiva e Silva
Non-Executive Chair
Chief Executive Officer's Statement
A year of operational momentum, financial strength, and strategic growth
I am pleased to report that 2025 was another year of strength for Pharos
Energy. During the year, the Company achieved both financial and operational
successes delivering against expectations and achieving pivotal milestones in
both Vietnam and Egypt, while maintaining our exceptional record of safety and
operational reliability. Activity throughout the year has enhanced the quality
of our assets, established operational momentum, and delivered a robust
financial base for further organic and inorganic growth.
Operational achievements underpinning financial strength
The Company had an operationally active year in 2025. We are excited to be
drilling offshore in Vietnam again, and our debt-free balance sheet has
supported the commencement of a six-well infill and appraisal drilling
programme on TGT and CNV in the second half of the year, the most significant
investment into these assets since their original development. We are proud
that our successes to date on these operationally challenging wells were
achieved on time and on budget, with no safety incidents during the year,
maintaining our zero lost-time injury rate since operational inception. This
excellent health and safety record is thanks to the JOCs' consistent effort to
promote and champion workers' health and safety, and a culture at Pharos that
puts safety at the heart of the business.
In Egypt, we were pleased to announce at the end of the financial year a $20
million payment from EGPC for oil sales, doubling our year end cash balance
and reducing our outstanding receivable balance to $7.4m, its lowest level
since December 2021. This very welcome progress towards the recovery of our
receivables, coupled with improvements in the macro environment in Egypt, have
provided us with comfort that outstanding receivables will continue to be paid
and that typical payment terms will be applied to future oil sales. Most
importantly, a key milestone in unlocking further value in our Egyptian asset
was the approval by EGPC of the consolidation of our two concessions, El Fayum
and North Beni Suef, into a single new concession agreement. We expect the new
agreement, incorporating an extension of up to 20 years to the development
leases to be signed later in 2026, following ratification by the Egyptian
Parliament. The improved fiscal terms under the consolidated concession
agreement will have retrospective effect from 5 October 2025, and set an
attractive investment environment for both Pharos and our partners to pursue
additional production volumes and reserves. We will nonetheless continue our
cautious approach to capital allocation whilst we continue the recovery of our
outstanding receivables.
Protected balance sheet to pursue opportunities and deliver returns
Oil prices decreased substantially during 2025 due to challenging
supply-demand imbalance and persistent geopolitical risks. This underpins the
need to ensure independent E&Ps like Pharos maintain a resilient business
model to weather unpredictable oil price cycles. Throughout the years, our
operations in Vietnam have remained robust even in low oil price environments
thanks to high premiums and low break-even prices. In Egypt, the flexibility
that our onshore operations offer means we remain agile in changing economic
landscapes and can adjust the pace of investment into the assets based on the
receivable recovery rate. Pharos is protected on the downside, and we have a
portfolio of upside potential to pursue across the assets.
We believe the oil price outlook will remain challenging in 2026 due to
volatility initiated by the US, Israel, Iran conflict. Therefore, a
diversified portfolio with robust operational and financial strength is
crucial for Pharos' next phase of growth. Our financial discipline and
debt-free position not only give us the optionality to identify and pursue the
right opportunities, both within the current portfolio and externally, but
also take a pragmatic and balanced approach to shareholder returns. Today, the
Board have recommended a final dividend for the 2025 financial year which,
subject to shareholders' approval at the Company's 2026 AGM, would take the
2025 full year dividend to 1.331 pence per share. The Board will continue to
consider an appropriate level of returns to shareholders given the strength of
the balance sheet whilst managing capital allocation for growth.
Blocks 125 & 126 - Unique frontier exploration in South East Asia
We are proud to have a basin-opening frontier play with world-class potential
in our current portfolio. Thanks to the diligent efforts and technical
capability of our in-country team, we now have a well-understood, drillable
prospect with detailed engineering studies, 2D and 3D seismic data, long lead
items, mature leads and prospects, and an independent reserves report
supporting Pharos' internal assessment. All our work to date has highlighted
the scale and potential of these basin-opening exploration blocks, and we are
motivated to pursue this incredible opportunity whilst still preserving the
resilience of the business and stability of the balance sheet. Last year we
initiated a formal, structured process to identify a farm-in partner and
complete all necessary preparatory and planning work to drill the first
exploration well. Additionally, the two-year licence extension, granted by the
Vietnamese Government in June last year, has strengthened our position and
provided optionality as we progress discussions with rig contractors and
third-party buyers. We are intentional in our testing of the market at a time
when exploration has moved up the agenda for many majors, and discussions with
potential partners are in advanced stages. We strive to deliver the best value
for our shareholders and will look to monetise the asset at the right terms
and the right time. We look forward to updating the market with more news in
mid-2026.
Scale and business resilience
We recognise that the operating environment for independent E&Ps remains
challenging. While Pharos has consistently delivered strong results, the Board
understands that scale, strategic relevance and efficiencies remain a key
priority. Further growth will give us the scale that is increasingly important
in our industry, creating resilience against adverse macro changes, providing
access to additional investment capital, thus allowing us to compete more
effectively in the energy market and create long-term value. In recognition of
this, the Board regularly evaluates strategic priorities, ensuring that we
direct resources to opportunities that can drive growth and returns for
shareholders. As a result, in evaluating prospects outside the existing
portfolio, we are return-driven rather than jurisdiction-driven. Nevertheless,
we continue to leverage our technical expertise, long-standing presence in
South East Asia, and positive relationships with our host government partners
to identify the right assets that can deliver the best returns for us.
Our role in the energy transition
Pharos is fortunate to operate in jurisdictions with thriving economic and
investment landscapes. Oil and gas demand in Asia-MENA is expected to remain
robust, driven by population expansion and a move away from more GHG
emissions-intensive fuel sources, such as coal, for power generation. The
Egyptian Government recognises the industry's need to encourage more upstream
investment, and Egypt's Minister of Petroleum and Mineral Resources has
outlined his intent to improve the investment environment to boost oil and gas
production in the country, satisfying domestic demand and reducing the
country's reliance on imports. In Vietnam, since our entry into the country in
1996, our producing fields TGT and CNV have contributed to the replacement of
coal as a cleaner energy source. We are proud that 100% of Pharos' oil and gas
production is sold and consumed domestically, providing low cost and reliable
energy access to alleviate energy poverty and promote sustainable economic
development across the region.
Our goal is to be a positive presence in the regions where we operate by
providing responsible and sustainable development, creating value for host
countries and local communities as well as for our own shareholders and
employees. In our view, oil and gas will remain an important component of the
global energy mix for many years to come. We recognise and actively consider
the impact of climate change and energy transition as immediate challenges
facing Pharos and will continue to operate our business in a safe,
environmentally sustainable, and socially responsible way.
Mutually beneficial partnerships to deliver shared prosperity
We announced in June 2025 the appointment of João Saraiva e Silva as
Non-Executive Chair, succeeding John Martin who announced his retirement from
the Board at the Company's 2025 AGM in May. We are delighted to welcome João
to the Board and believe we now have a stable, refreshed Board with a balanced
mix of skills and experience to guide Pharos through its next phase.
The Board is committed to maintaining a high standard of governance. We are
once again pleased to report full compliance with the UK Corporate Governance
Code for the financial year, including as it relates to regular engagement
with major shareholders. Our team continued the regular and proactive dialogue
with key shareholders and wider stakeholders throughout the year, and we
appreciate and understand the importance of their views as owners and partners
of the business. The successes the Company has had over the years would not
have been possible if not for the supportive relationships we have with our
valued partners and stakeholders, and we are grateful for their ongoing
support.
Outlook
Pharos made significant strides in 2025 to strengthen the underlying business,
being one with a stable asset base, solid financial performance,
well-protected cash flows, and an exciting mix of opportunities to pursue in
2026 and beyond.
We have near-term upside in both jurisdictions to grow our production, as well
as stemming natural production decline. In Vietnam, we continue our fully
funded six-well infill and appraisal drilling programme which is expected to
conclude by mid-2026. The four infill wells are intended to maintain existing
production levels, whilst success at both appraisal wells, TGT-18X and CNV-8P,
could deliver up to a 20% increase in Vietnam production volumes and also
de-risk additional development opportunities. We expect to update the market
on the results of the testing in April or early May. In Egypt, following
EGPC's approval of the consolidation of our two existing concessions in
October 2025 and a $20 million payment from EGPC towards the receivable
balance at year end, we enter the year with a much-improved investment
environment to unlock further value from these assets. Preparation for the
agreed six-well work programme on El Fayum and North Beni Suef is well
underway, and we expect to be more operationally active in Egypt in 2026. On
the exploration side, we are in advanced discussions with potential farm-in
partners on Blocks 125 & 126 and look forward to updating the market in
mid-2026.
We are pleased to start 2026 from a position of strength. Our investment
proposition remains compelling, with significant operational momentum, a
healthy balance sheet, a portfolio of quality assets with growth catalysts,
and a sharp focus on developing the scale and relevance of the business with
inorganic opportunities, all with the right team in place to deliver on our
strategic goals.
I would like to thank my colleagues and stakeholders for their continued
support and look forward to another year of strength and delivery in 2026.
Katherine Roe
Chief Executive Officer
Operational Review
Operations
The Group's working interest 2025 production was 5,398 boepd net, in line with
the Group's production guidance of 5,200 to 6,000 boepd.
Vietnam
Vietnam Production
Production in 2025 from the TGT and CNV Fields net to the Group's working
interest averaged 4,095 boepd. This is in line with the 2025 production
guidance for Vietnam of 3,600 - 4,600 boepd net.
TGT production averaged 10,792 boepd gross and 3,202 boepd net to the Group.
CNV production averaged 3,572 boepd gross and 893 boepd net to the Group.
Vietnam Development and Operations
TGT & CNV Fields
In 2025, Pharos commenced its six-well infill and appraisal drilling
programme, the most significant investment into its Vietnamese assets since
the initial development, that is designed to drive material production growth
from both fields. The programme, which comprises four TGT wells and two CNV
wells, employs two drilling rigs running in parallel. Drilling operations on
TGT will be completed using the GunnLod Drilling Rig, and CNV using the Thor
Drilling Rig.
On TGT, the first two infill wells, targeting the H1 and H5 fault blocks, were
completed by the year end with encouraging results in line with pre-drill
expectations. Both wells have already been brought into production. We reached
total depth (TD) on the final infill well on the H4 fault block on 21 March
2026, and we expect to bring this well into production in April.
Drilling of the TGT-18X appraisal well, targeting the field's untapped
south-western area, completed on time and budget in February, and testing is
currently ongoing. We expect to update the market on the results of the
testing in April or early May.
On CNV, drilling of the CNV-8P infill well commenced in December and completed
in mid-March. The well is expected to be on production in a couple of weeks.
The rig has now moved and is drilling the CNV appraisal well, CNV-5X, and is
expected to finish mid-2026.
Vietnam Exploration
Blocks 125 & 126
The Company continued to optimise its prospects and leads portfolio with
detailed drilling engineering studies for the well on Prospect A. Most
notably, the application for a two-year extension of the Blocks 125 & 126
PSC Exploration Period was granted by the Vietnamese Government in June 2025,
extending the Exploration Period to 8 November 2027. This extension reflects
the Government's continued support for Pharos and underlines our commitment to
the region.
Additionally, in 2025, Pharos engaged an independent third-party adviser to
support a formal process intended to identify a potential farm-in partner
before exploration drilling commences with very encouraging engagement. In
parallel, discussions continue with rig contractors to retain optionality for
the prospect to be drilled.
2026 Vietnam Work Programme
TGT & CNV Fields
The six-well programme on the TGT and CNV Fields will continue and is expected
to finish by mid-2026.
The four infill wells in the programme, once completed and brought on to
production, are planned to maintain production at 2025 levels. Successes at
both appraisal wells, TGT-18X and CNV-5X, could deliver up to a 20% increase
in Vietnam production volumes and de-risk additional development
opportunities.
Vietnam production guidance for 2026 is 4,000 - 4,950 boepd net.
Egypt
Egypt Production
Production in 2025 from the El Fayum and NBS concessions net to the Group's
working interest averaged 1,303 bopd. This is slightly lower than 2025
production guidance for Egypt of 1,400 - 1,600 bopd net. This reflects natural
decline in production from the existing wells without investment while
awaiting approval from EGPC of the consolidation of the two concessions and
the associated commitment work programme.
El Fayum production averaged 2,768 bopd gross and 1,246 bopd net to the Group.
NBS production averaged 127 bopd gross and 57 bopd net to the Group.
Egypt Development and Operations
El Fayum
Following its commercial discovery in February 2025 and the subsequent award
of the Development Lease, the East Saad-1X well was put on production from 1
July.
Egypt Exploration
North Beni Suef
The processing and interpretation of c.130 km(2) of 3D seismic data on NBS is
complete, with a number of targets identified and two wells included in the
2026 work programme.
Egypt Commercial
On 23 September, Pharos announced that it had received approval from the
Executive Board of EGPC for the consolidation of the El Fayum and North Beni
Suef Concession Agreements into a new consolidated concession agreement (the
"Consolidated Concession"). Pharos will retain a 45% working interest in the
Consolidated Concession, with IPR continuing as operator with a 55% working
interest. In addition to the 12 development leases of the EF and NBS
Concessions, the Consolidated Concession will include three new exploration
areas.
The Consolidated Concession unlocks significant value in the Western Desert by
improving certain fiscal terms, extending the duration of the licenses, and
committing the Contractor parties (Pharos Group and IPR) to additional work
programmes to deliver production growth. Based on Pharos' Competent Person's
Reports as at 31 December 2024, the Consolidated Concession could result in
moving approximately 3.1 MMstb from contingent resources to 2P reserves, or a
25% increase from year end 2024, net to Pharos working interest.
The Consolidated Concession is subject to customary approvals and to Egyptian
Parliamentary ratification, which is expected to take place in 2026. Once
ratified, the improved fiscal terms will have retrospective effect from 5
October 2025, the date of full EGPC Board approval.
2026 Egypt Work Programme
El Fayum & North Beni Suef
Egypt production guidance for 2026 is 1,200 - 1,450 bopd net.
Preparations for the agreed work programme in El Fayum and North Beni Suef are
underway, with one drilling rig now secured for El Fayum, and another being
contracted for North Beni Suef. The programme, which includes four wells on El
Fayum and two on North Beni Suef, is expected to commence shortly. The two
rigs will run simultaneously and are expected to finish drilling operations by
the end of 3Q. Once completed, the full programme is expected to increase
production from Egypt by c.20% by 2027 compared to year end 2025 level.
Health, Safety and Environment (HSE)
On health and safety, we are pleased to report that in Egypt and Vietnam, we
have worked with our partners to maintain our record of zero Lost Time Injury
(LTI) in 2025. The health and safety of our workforce remain our highest
priority, and we are committed to operating safely and responsibly at all
times to provide a safe and healthy working environment for staff and
contractors.
On environmental matters, during 2025, while Pharos had no recordable spills
in Vietnam, we recorded one spill in Egypt due to an overturned road tanker
truck on the Cairo-Suez desert road. The concerted efforts from the Suez Civil
Protection Authority, SOPC, Petrosilah, Al Nasr Petroleum Company (NPC) and
White Eagle Company helped to completely clear the accident site, clean up
remaining hydrocarbon spill and reopen the road to traffic. The incident was
investigated and lessons learned as appropriate and actions to prevent
recurrence were implemented.
On emissions, while operational activities in 2025 have increased compared to
2024, our total emissions have continued to decrease year-on-year. This is
driven by the JOCs' continued careful management of gas flaring by monitoring
and optimising the processing facilities in the TGT FPSO in Vietnam. In Egypt,
we have continued to deploy gas generators at the well sites, connected the
camp and mess hall in Silah base to the electricity grid and successfully
installed the first hybrid fuel (solar photovoltaics and diesel) pump system
in Silah. These actions have reduced diesel consumption and associated
emissions from our operations in Egypt and keep us on track to achieve our Net
Zero interim short-term three-year target (2024-2026) of 5% emissions
reduction. Pharos will continue to work closely with our operating partners to
identify opportunities to reduce emissions to ensure we achieve our climate
targets.
Group Reserves and Contingent Resources
The Group Reserves Statistics table below summarises our reserves and
contingent resources based on the Group's unitised net working interest in
each field.
Group Reserves Statistics
Net working interest, mmboe Vietnam Egypt Group
Oil and Gas 2P Commercial Reserves(1,2)
As at 1 January 2025 8.9 12.4 21.3
Production (1.5) (0.5) (2.0)
Revision (0.2) (0.7) (0.9)
2P Commercial Reserves as at 31 December 2025 7.2 11.2 18.4
Oil and Gas 2C Contingent Resources(1,2)
As at 1 January 2025 7.8 8.3 16.1
Revision - 0.7 0.7
2C Contingent Resources as at 31 December 2025 7.8 9.0 16.8
Total of 2P Reserves and 2C Contingent Resources as at 31 December 2025 15.0 20.2 35.2
1) Reserves and Contingent Resources are categorised in line with 2018
SPE/WPC/AAPG/SPEE /SWLA Petroleum Resource Management System.
2) Assumes an oil equivalent conversion factor of 6,000 standard cubic feet
per barrel of oil equivalent.
Group's Net Working Interest Reserves and Contingent Resources
Vietnam at 31 December 2025 (mmboe) (net to Group's working interest)
Reserves(2) 1P 2P 3P
Oil 5.1 6.0 6.7
Gas(1) 0.9 1.2 1.3
Total 6.0 7.2 8.0
Contingent Resources(2) 1C 2C 3C
Oil 4.1 6.5 8.9
Gas(1) 0.8 1.3 1.9
Total 4.9 7.8 10.8
Sum of Reserves and Contingent Resources(3) 1P & 1C 2P & 2C 3P & 3C
Oil 9.2 12.5 15.6
Gas(1) 1.7 2.5 3.2
Total 10.9 15.0 18.8
1) Assumes oil equivalent conversion factor of 6,000 standard cubic feet per
barrel of oil equivalent.
2) Reserves and Contingent Resources have been prepared by the Company.
3) The summation of Reserves and Contingent Resources has been prepared by the
Company.
Egypt at 31 December 2025 (mmboe) (net to Group's working interest)
Reserves(1) 1P 2P 3P
Oil 5.8 11.2 13.1
Contingent Resources(1) 1C 2C 3C
Oil 3.3 9.0 17.7
Sum of Reserves and Contingent Resources(2) 1P & 1C 2P & 2C 3P & 3C
Total 9.1 20.2 30.8
1) Reserves and Contingent Resources have been prepared by the Company.
2) The summation of Reserves and Contingent Resources has been prepared by the
Company.
Chief Financial Officer's Statement
Strong financial performance and cash growth
Our operations delivered a solid financial performance and cash generation in
2025, further strengthening our liquidity position despite the challenges of
lower commodity prices. We remain debt free following the full and voluntary
repayment of the RBL facility in the prior year and our net cash position has
grown to $40.2m compared to $16.5m reported at the end of December 2024. This
was partially achieved through the successful recovery of a bullet payment of
$20 million from EGPC on 31 December 2025. This reduced our outstanding Egypt
receivable balance to $7.4m, our lowest receivable balance since December
2021.
Returns to shareholders have been delivered through the completion in January
2025 of the third $3m share buyback programme and the payment of an interim
dividend for 2024 of 0.363 pence per share, $1.8m equivalent, in January 2025.
A final dividend for 2024 of 0.847 pence per share, $4.7m equivalent,
following approval at the AGM in May 2025, was paid to shareholders in July
2025. In addition, an interim dividend of 0.3993 pence per share, $2.2m
equivalent, in respect of the year ended 31 December 2025 was paid to
shareholders in January 2026, and a final dividend to be paid in July 2026 of
0.9317 pence per share, $5.2m equivalent, will be proposed to shareholders at
this year's AGM.
Operating performance
Revenues
Group revenues of $114.6m, with no hedging gain or loss realised during the
year (2024: $136.1m prior to realised hedging loss of $0.1m), were adversely
affected by a 13% fall in realised commodity prices and a 1% decrease in sales
volumes.
Revenues for Vietnam of $99.8m (2024: $115.4m) decreased as a result of lower
realised prices, as sales volumes were comparable year on year at 4,156 boepd
(2024: 4,161 boepd). The average realised crude oil price was $74.29/bbl
(2024: $85.52/bbl), a 13% decrease year on year, and the premium to Brent was
over $5/bbl on average which was comparable to prior year. Production was
lower at 4,095 boepd (2024: 4,361 boepd) and, combined with lower commodity
prices, this has led to an inventory reduction of $3.1m for the Vietnam
producing fields compared to an inventory build of $6.0m during 2024,
following the maintenance shutdown at the BSR-owned Dung Quat refinery during
the first part of 2024. As inventories are valued at net realisable value,
this has led to $9.1m adjustment in cost of sales as a result of changes in
inventory year on year.
The revenue for Egypt of $14.8m (2024: $20.7m) decreased year on year,
inclusive of $0.4m (2024: $1.9m) gross-up for corporate income taxes to be
paid by EGPC on behalf of Pharos El Fayum. The average realised crude oil
price, after discounts, was $63.73/bbl (2024: $74.83/bbl), a decrease of 15%.
There are two discounts applied to the Egypt crude production - a general
Western Desert discount and one related specifically to El Fayum. Both are set
by EGPC (the in-country regulator) and combined were just under $6/bbl for the
year (2024: just under $6/bbl). Production from Egypt was lower at 1,303 bopd
(2024: 1,440 bopd).
Hedging
During 2025, the Group entered into zero cost collar hedges to protect the
Brent component of forecast oil sales and to provide downside protection to
cash flows in the event of commodity prices falling. At 31 December 2025, the
commodity hedges run until March 2026 and are settled monthly. Our hedging
positions for the year resulted in no realised gain or loss (2024: realised
loss of $0.1m). Additionally, the fair value as at 31 December 2025 was an
unrealised loss of $0.2m (31 December 2024: unrealised gain of $0.1m).
For full year 2025, 29% of the Group's total oil entitlement production was
hedged, securing average floor and ceiling prices for the hedged volumes at
$62.6/bbl and $87.1/bbl, respectively.
Operating costs
Group cash operating costs, defined in the Non-IFRS measures section on page
36, were $38.2m (2024: $37.8m). Vietnam decreased by 5% from $29.1m to $27.7m
in 2025. The decrease is partly due to costs relating to the FPSO as a result
of higher 3(rd) party production throughput from the TLJOC, which decreased
the HLJOC's share of the costs (TLJOC had 26.4% cost share in 2025 compared to
23.4% in 2024).
Cash operating costs in Egypt increased by 21% from $8.7m to $10.5m in 2025.
The increase was mainly due to higher well workover costs during 2025 and a
higher proportion of cost allocations to operating expenditure, due to a
reduced capital drilling programme.
Cash operating cost per barrel (1) 2025 2024
$m $m
Cost of sales (2) 96.4 87.3
(Less)/add
Depreciation, depletion and amortisation (46.4) (47.1)
Production based taxes (7.3) (9.2)
Change in inventories (3.2) 6.0
Trade receivables expected credit loss 1.3 2.5
Other cost of sales (2.6) (1.7)
Cash operating costs 38.2 37.8
Production (BOEPD) 5,398 5,801
Cash operating cost per BOE ($) 19.39 17.80
( )
(1) Cash operating cost per barrel and DD&A per barrel are alternative
performance measures. See pages 36 and 37
(2) Includes impairment reversal of financial asset
DD&A
Group DD&A associated with the producing assets decreased to $46.4m (2024:
$47.1m). DD&A charges from Vietnam decreased marginally to $41.4m (2024:
$42.1m) and this was driven by 6% fall in production year on year, partially
offset by the impact of higher book values of TGT and CNV assets following the
impairment reversals recorded in December 2024. The combination of these
factors meant that DD&A per barrel for Vietnam increased 5% to $27.70/boe
(2024: $26.38/boe).
DD&A charges from Egypt stayed the same year on year at $5.0m, as the
decrease in production was offset by the impact of the impairment reversal
recorded in 2024. DD&A per bbl for Egypt is $10.51/boe (2024: $9.49/boe).
Administrative expenses
Administrative expenses in 2025 of $8.8m (2024: $9.1m) were lower than prior
year. After adjusting for non-cash IFRS2 Share Based Payments of $1.6m (2024:
$0.9m), the underlying administrative expenses were lower by 12% at $7.2m
(2024: $8.2m).
Other operating expenses
Other operating expenses in 2025 were $0.3m (2024: $0.8m). In 2024, other
operating expenses included $0.6m in relation to the posthumous vesting of
share scheme awards to the former CEO of the Company, which was formally
approved by the Remuneration Committee, settled in cash and paid to his estate
with the agreement of the executor. A further $0.2m in the prior year related
to closure costs in respect of the US office, where the former CEO of the
Company was based.
Operating profit
Operating profit from continuing operations for the year was $8.7m (2024:
$38.0m) excluding the net impairment reversal of $26.3m in 2024, reflecting
the combined impact of a decrease in production volumes and a lower commodity
price environment during the year. In 2025, after considering the existence of
any internal and external indicators of impairment, the Group determined that
no impairments or impairment reversal indicators were identified on any of the
Group's oil and gas producing properties and no impairment tests were
considered necessary as at 31 December 2025.
(Loss)/gain on fair value movement of financial asset
As part of the 2022 farm-down of 55% of the Egypt concessions, Pharos is
entitled to contingent consideration depending on the average Brent price each
year from 2022 to the end of 2025 (with floor and cap at $62/bbl and c.$90/bbl
respectively). The contingent consideration is calculated yearly and is capped
at a maximum total payment of $20.0m. The change in contingent consideration
is booked under gain/(loss) on fair value movement of financial asset.
During 2025, contingent consideration of $2.9m in respect of the average Brent
price during 2024 was received from IPR and a further $0.3m will be received
in 2026. At 31 December 2025, $1.7m of contingent consideration was included
in current trade and other receivables (2024: $5.1m, $3.3m in current trade
and other receivables and $1.8m in other non-current assets).
The loss on fair value movement of financial asset for the year of $0.5m
(2024: $0.3m gain) is due to downwards revision of the contingent
consideration, which reflected a reduction in the forward Brent price
estimation.
Finance costs
Finance costs significantly decreased to $2.2m (2024: $3.9m), following full
voluntary repayment of the Group's RBL facility during September 2024. In
2024, interest expense and similar fees of $1.1m were incurred in relation to
the RBL facility and National Bank of Egypt (NBE) credit facility. The
unwinding of discount on Vietnam decommissioning provisions for 2025 was $2.3m
(2024: $2.2m). There was also net foreign exchange gains of $0.1m (2024:
foreign exchange losses of $0.6m).
Taxation
The overall net tax charge of $13.1m (2024: $37.1m) principally relates to tax
charges in Vietnam of $12.7m (2024: Vietnam tax charges of $26.8m and the
deferred tax charge on impairment reversals of $8.4m).
The Group's effective tax rate approximates to the statutory tax rate in
Vietnam of 50%, after adjusting for non-deductible expenditure and tax losses
not recognised.
The Egypt concessions are subject to corporate income tax at the standard rate
of 40.55%, however responsibility for payment of corporate income taxes falls
upon EGPC on behalf of PEF and the other contractor parties. The Group records
a tax charge, with a corresponding increase in revenue, for the tax paid by
EGPC on its behalf. As the historic tax loss position since first production
had reversed in full during 2024, this led to a $0.4m tax charge being
recorded (2024: $1.9m).
One of the Group's companies entered into commodity zero cost collars
designated as cash flow hedges. In accordance with IAS 12, a deferred tax
asset has not been recognised in relation to hedging losses of $0.1m recorded
in 2024 as it is unlikely that the UK tax group will generate sufficient
taxable profit in the future, against which the deductible temporary
differences can be utilised.
(Loss)/profit post-tax
The post-tax loss for the year was $6.6m (2024: $23.6m post-tax profit).
Cash flow
Operating cash flow (before movements in working capital) was $56.5m (2024:
$84.3m), which is consistent with the reduction in realised commodity prices.
After tax charges of $30.3m (2024: $35.3m), restructuring and exceptional
expenses of $nil (2024: $0.4m), working capital inflow of $29.0m (2024: $5.0m)
and net interest received of $0.4m (2024: $0.4m), the cash generated from
operations was $55.6m (2024: $54.0m).
Cash generated from operations, after tax charges, exceptional expenses and
working capital movements, is the basis of our dividend framework.
The decrease in receivables was $26.2m (2024: $11.3m). The movement in 2025 is
primarily driven by $20.6m decrease from Egypt (2024: $4.8m) following a $20m
bullet payment from EGPC on the last day of the year, which reduced the
outstanding receivable balance to $7.4m; its lowest level since December 2021.
There was a further $5.5m decrease from Vietnam (2024: $6.4m) due to 22% lower
volume of cargoes lifted in December 2025 compared to prior year, combined
with the reduction in commodity prices. Payments for the December 2024 cargoes
were received in January 2025 and December 2025 cargoes were received in
January 2026.
Capital expenditure for the year was 6% higher at $27.6m (2024: $26.1m). In
Vietnam, a fully funded six-well offshore drilling programme commenced
operations on 18 October 2025. On TGT, there was the completion of two infill
wells on the H1 and H5 fault blocks and both wells were brought into
production by the end of the year. The TGT-18X appraisal well, targeting the
block's untapped south-western area, and the CNV-8P infill well, also
commenced in December 2025 and operations on both wells are ongoing.
Net cash outflows from financing activities of $7.0m (2024: $51.6m outflow)
included $0.3m in relation to completion of the final $3.0m tranche of the
company's share buyback programme in January 2025 (2024: $2.9m) and $6.5m
outflow (2024: $5.9m) following payment of the interim and final dividends of
$1.8m and $4.7m respectively for the 2024 financial year. The final dividend
for the 2024 financial year was approved by shareholders at the AGM in May
2025.
Financing activities for 2024 also included outflows in relation to the
Group's Reserve Based Lending (RBL) facility of $30.0m. The RBL facility,
which was secured only over the Group's interest in the Vietnam producing
assets, matured in July 2025. In addition, there was a net outflow of $9.2m
from the National Bank of Egypt (NBE) revolving credit facility. This facility
allows Pharos El Fayum Limited to draw down 60% of the value of each El Fayum
invoice in USD. The amount drawn under the NBE facility as at 31 December 2025
and 31 December 2024 was $nil and the Group remains debt free.
Tax strategy and total tax contribution
Tax is managed proactively and responsibly with the goal of ensuring that the
Group is compliant in all countries in which it holds interests. Any tax
planning undertaken is commercially driven and within the spirit as well as
the letter of the law.
This approach forms an integral part of the Group's sustainable business
model.
The Group's Code of Business Conduct and Ethics seeks to build open,
cooperative and constructive relationships with tax authorities and
governmental bodies in all territories in which it operates. Our Tax Strategy
statement can be found on our website at
www.pharosenergy/responsibility/policy-statements/
(http://www.pharos.energy/responsibility/policy-statements/) . The Group
supports greater transparency in tax reporting to build and maintain
stakeholder trust. We have a number of overseas subsidiaries which were set up
some time ago and the Group is now proactively planning to bring these into
the UK tax net to ensure greater transparency and comparability. No additional
taxes are expected to be due as a result of this exercise.
During 2025, the total payments to governments for the Group amounted to
$133.6m (2024: $160.3m), of which $116.5m or 87% (2024: $138.7m or 87%) was
related to the Vietnam producing licence areas, of which $77.8m (2024: $92.9m)
was for indirect taxes based on production entitlement. In Egypt, payments to
government totalled $14.6m (2024: $19.1m), of which $14.2m (2024: $18.5m)
related to indirect taxes based on production entitlement.
Balance sheet
Intangible assets increased during the year to $26.5m (2024: $21.8m).
Additions for the year related to charges for Blocks 125 & 126 in Vietnam
of $6.9m, including $3.7m of drill casings and long-lead items ahead of
drilling the first commitment well, and Egypt of $0.7m.
In Egypt, as part of the planned work programme for 2024, an exploration well,
the East Saad-1X well, was drilled on El Fayum in August 2024. Testing of the
well was carried out at the beginning of February 2025. Following testing,
IPR, the operator of the El Fayum Concession, applied to EGPC for declaration
of a commercial discovery and early production permission in February 2025.
The East Saad Development Lease was awarded and first production commenced in
July 2025. As a result, exploration costs of $2.9m were reclassified to
property, plant and equipment in 1H 2025.
Impairments and Impairment Reversals
We have evaluated each of our oil and gas producing properties for impairment
or impairment reversal triggers. For each producing property with such
triggers, the recoverable amount held on the books would be determined using
the value in use method. The recoverable amount is calculated using a
discounted cash flow valuation of the 2P production profile.
The average Brent price forecast as at Dec 2025 fell by 9% for 2026 to 2030
and 7% in the longer-term compared to the forecast at the end of 2024 and does
not indicate a significant change in the underlying value of oil and gas
assets. Furthermore, there were no significant changes to macroeconomic
factors such as risk-free rate, equity market risk premium and country risk
premiums, plus the overall market outlook remains stable. Forecast production
volumes for Vietnam remain comparable to year end 2024 forecast, and the Group
is currently in the process of a drilling campaign in Vietnam, with two infill
wells that completed before year end and were brought into production. For
Egypt assets, there were some delays in the execution of the El Fayum
development plan, but not significant enough to adversely impact the asset
valuation.
As a result, after examining both internal and external indicators of
impairment, the Group determined that no impairment or impairment reversal
indicators were identified on any of the Group's oil and gas producing
properties and no impairment tests were considered necessary as at 31 December
2025.
As at 31 December 2025, the carrying amount of the TGT oil and gas producing
property, after additions of $10.8m, increase in decommissioning asset of
$2.0m and DD&A of $32.9m, is $133.5m (2024: $153.6m). As at 31 December
2025, the carrying amount of the CNV oil and gas producing property, after
additions of $4.8m, increase in decommissioning asset of $1.1m and DD&A of
$8.5m, is $57.6m (2024: $60.2m).
As at 31 December 2025, the carrying amount of the El Fayum oil and gas
producing property, after additions of $1.4m, transfer from intangibles of
$2.9m and DD&A of $4.8m, is $58.0m (2024: $58.5m). As at 31 December 2025,
the carrying amount of the NBS oil and gas producing property, after additions
of $0.1m and DD&A of $0.2m, is $1.0m (Dec 2024: $1.1m).
Other assets and liabilities
Cash is set aside into abandonment funds for both TGT and CNV. These
abandonment funds are controlled by PetroVietnam and, as the Group retains the
legal rights to the funds pending commencement of abandonment operations, they
are treated as other non-current assets in the Financial Statements. As at 31
December 2025, the Group's total contribution to the funds was $59.9m (2024:
$56.0m).
Oil inventory was $6.1m at 31 December 2025 (2024: $9.3m), of which $6.0m
related to Vietnam and $0.1m to Egypt. Trade and other receivables decreased
to $19.4m (2024: $47.9m) of which $8.6m (2024: $14.5m) relates to Vietnam and
$10.4m (2024: $32.7m) relates to Egypt. Egypt trade receivables include $7.3m
from EGPC, after expected credit loss provision of $0.1m recognised under IFRS
9, where collection has been delayed by EGPC as a result of macroeconomic
factors highlighted in previous preliminary and interim results (2024: trade
receivables from Egypt $28.1m after expected credit loss position of $1.4m).
Cash and cash equivalents at the end of the year were $40.2m (2024: $16.5m)
and the increase was mainly driven by net $29.0m inflow from working capital,
following $20m recovery of trade receivables from EGPC before the end of the
year. During 2024, there was $39.2m net repayment of borrowings following
settlement of the RBL facility.
Trade and other payables, inclusive of VAT payable and payroll taxes, were
marginally higher at $14.5m (2024: $14.3m), of which $4.1m (2024: $5.4m)
predominantly relates to Egypt net JV payables in relation to operations and
Stratton royalty obligation. $7.2m (2024: $5.1m) relates to Vietnam payables,
mainly royalties and amounts owed to the JOCs in respect of TGT and CNV
operations, and $3.2m (2024: $3.8m) Head Office payables. Tax payables
decreased to $1.6m (2024: $3.2m) and relates to corporate income taxes on
Vietnam oil and gas revenues.
Long-term provisions comprise the Group's decommissioning obligations for the
Vietnam fields. The decommissioning provision increased from $51.1m at 2024
year end to $56.5m at 31 December 2025, as there was $2.3m unwind of the
decommissioning provision, $1.0m impact of the new appraisal and infill wells
on TGT and CNV respectively and $2.4m impact of a decrease in discount rate
from 4.58% to 3.94%, partially offset by $0.3m revision to the TGT abandonment
plan. The amounts set aside into the abandonment funds total $59.9m (2024:
$56.0m). No decommissioning obligation exists under the El Fayum and NBS
Concessions.
Own shares
The Pharos Employee Benefit Trust holds ordinary shares of the Company for the
purposes of satisfying long-term incentive awards for senior management. At
the end of 2025, the trust held 2,203,106 shares (2024: 3,784,406 shares),
representing 0.53% (2024: 0.89%) of the issued share capital.
In addition, as at 31 December 2024, the Company held 9,122,268 treasury
shares which represented 2.15% of the issued share capital. On 23 July 2025,
pursuant to a resolution of the Board of Directors, the entire treasury
holding of 9,122,268 ordinary shares of £0.05 each were cancelled in
accordance with the provisions of section 729 of the Companies Act 2006.
Following the cancellation, the Company holds no ordinary shares in treasury.
Share buyback and dividend framework
Following a period of relatively stable commodity prices and a strengthening
of the Group's liquidity position, the Company committed to shareholder
returns in the form of share buybacks and dividends.
On 6 December 2023, the Company announced the continuation of a further $3m
share buyback programme in 2024, taking the total committed to share buybacks
to $9 million since initiation of the programme in July 2022. The final stage
of the programme completed in January 2025.
Pharos has a clear sustainable policy for regular dividend payments and this
has been set at returning no less than 10% of Operating Cash Flow (OCF) each
year in two tranches:
- An interim dividend of 33% of the previous year's total dividend, payable in
January of the following year; and
- A final dividend payable in July of the following year.
In September 2024, the Board resolved to pay an interim dividend of 0.363
pence per share, $1.8m equivalent, in respect of the year ended 31 December
2024 and this was paid on 22 January 2025 to shareholders on the Company's
register as at 20 December 2024.
A final dividend of 0.847 pence per share in respect of the year ended 31
December 2024, $4.7m equivalent, was approved by the shareholders at the
Company's AGM in May 2025 and subsequently paid on 18 July 2025 to
shareholders on the register at the close of business on 13 June 2025. This
took the 2024 full year dividend to 1.21 pence per share, an increase of 10%
on the prior year.
In accordance with dividend policy, the Board has resolved to pay an interim
dividend of 0.3993 pence per share, $2.2m equivalent, in respect of the year
ended 31 December 2025 and was paid on 21 January 2026 to shareholders on the
Company's register as at 19 December 2025.
The Board have recommended a final dividend in respect of the year ended 31
December 2025 of 0.9317 pence per share subject to approval of the
shareholders at the Company's 2026 AGM. Subject to this approval, the final
dividend will be paid in full on 17 July 2026 in Pounds Sterling to ordinary
shareholders on the register at the close of business on 12 June 2026, with an
ex-dividend date of 11 June 2026. This would take the 2025 full year dividend
to 1.331 pence per share, which is 10% higher than prior year.
Going concern
Pharos continuously monitors its business activities, financial position, cash
flows and liquidity through detailed forecasts. Scenarios and sensitivities
are also regularly presented to the Board, including changes in commodity
prices and in production levels from the existing assets, plus other factors
that could affect the Group's future performance and position.
A base case forecast has been considered for the going concern assessment that
utilises oil prices of $62.4/bbl in 2026 and $66.0/bbl in 2027. The key
assumptions and related sensitivities include a "Reasonable Worst Case" (RWC)
scenario, where the Board has taken into account the risk of reduction in oil
prices by 10% to $56.0/bbl in March 2026 for the next twelve months,
concurrent with 5% reductions in Vietnam and Egypt production compared to our
base case from March 2026. Additionally, CNV appraisal well 5X-L1 is assumed
to be a dry hole and Egypt is based on 1P production in the RWC scenario. Both
the base case and RWC take into account the effect of hedging that has already
been put in place at 31 December 2025 and subsequent hedges placed in Q1 2026,
now covering c.19% of total group entitlement production for 2026. These are a
combination of zero cost collars, premium collars and put options. We have
therefore secured an average floor price and ceiling price of c. $59.0/bbl and
c. $74.7/bbl, respectively, for the entire hedged volumes in 2026. Under the
RWC scenario, we have identified appropriate mitigating actions, including
drawdown on the NBE credit facility in Q2 2026, reduction in head office
administrative expenses and a decision not to pay dividends to shareholders
from 2027.
In addition, we have conducted a reverse stress test sensitivity analysis that
indicates the magnitude of oil price decline required to breach our financial
headroom, assuming all other variables remain unchanged. The likelihood of
Brent price dropping to such levels is considered to be remote.
Our business in Vietnam continues to be robust, with a low breakeven oil
price. On TGT, appraisal well TGT-18X completed in February 2026 and is
undergoing perforation testing. On CNV, infill well CNV-8P commenced in
December 2025 and will complete in March 2026. The Group remains debt-free.
In Egypt, approval was received in September 2025 from the EGPC Executive
Board for the consolidation of our two Concession Agreements in Egypt, subject
to customary approvals and Egyptian Parliamentary ratification, expected
during 2026. Once ratified, the improved fiscal terms within the consolidated
Concession Agreement will be effective from 5 October 2025, the date of full
EGPC Board approval.
On the basis of the forecasts provided above, the Group is expected to have
sufficient financial headroom for the period up to 31 March 2027. Based on
this analysis, the Directors have a reasonable expectation that the Group has
adequate resources to continue its operations in the foreseeable future.
Therefore, the Financial Statements have been prepared using the going concern
basis of accounting.
Financial outlook
We are in a strong position as we move into 2026 with a number of value
catalysts.
· Continuation of six-well drilling programme currently underway in
Vietnam, with the final four wells expected to finish by mid-2026
· Look forward to Egyptian Parliamentary ratification of the
consolidation of our concessions in Egypt with improved fiscal terms and
increased longevity
· A strong and stable balance sheet, debt free and with improved
liquidity position.
· Continued improvement in the economic situation in Egypt,
following the bullet payment from EGPC of $20m on 31 December 2025, unlocking
our remaining outstanding receivables.
Stable returns to shareholders are expected in 2026, with the dividend policy
of no less than 10% of OCF.
Sue Rivett
Chief Financial Officer
Condensed consolidated income statement
for the year ended 31 December 2025
2025 2024
Notes $ million $ million
Revenue 3 114.6 136.0
Cost of sales 4 (97.7) (89.8)
Impairment reversal - Financial asset 4 1.3 2.5
Gross profit 18.2 48.7
Administrative expenses (8.8) (9.1)
Other operating costs 5 (0.3) (0.8)
Pre-licence costs (0.4) (0.8)
Impairment charge - Intangibles assets 3, 9 - (2.0)
Impairment reversal - Property, plant and equipment 3, 10 - 28.3
Operating profit 8.7 64.3
Other/restructuring expense 5 - (0.4)
(Loss)/gain on fair value movement of financial asset (0.5) 0.3
Investment revenue 0.5 0.4
Finance costs 6 (2.2) (3.9)
Profit before tax 3 6.5 60.7
Income tax charge 7 (13.1) (37.1)
(Loss)/profit for the year (6.6) 23.6
(Loss)/profit per share (cents) 8
Basic (1.6) 5.7
Diluted (1.6) 5.4
Condensed consolidated statement of comprehensive income
for the year ended 31 December 2025
2025 2024
$ million $ million
(Loss)/profit for the year (6.6) 23.6
Other comprehensive (loss)/income that may be reclassified to profit or loss
in subsequent periods (net of tax):
Fair value loss arising on hedging instruments during the (0.3) (0.1)
year
11
Less: Loss arising on hedging Instruments reclassified to profit or - 0.1
loss
Total comprehensive (loss)/ income for the year (net of tax) (6.9) 23.6
The above condensed consolidated income statement and condensed consolidated
statement of comprehensive income should be read in conjunction with the
accompanying notes.
CONDENSED CONSOLIDATED Balance sheet
Group Company
2025 2024 2025 2024
Restated(1)
Notes $ million $ million $ million $ million
Non-current assets
Intangible assets 9 26.5 21.8 - -
Property, plant and equipment 10 250.4 273.5 0.1 -
Right of use asset 10 - 0.2 - -
Investments - - 290.0 287.0
Loan to subsidiaries - - 13.2 18.4
Other assets 59.9 57.8 - -
336.8 353.3 303.3 305.4
Current assets
Inventories 6.1 9.3 - -
Trade and other receivables 19.4 47.9 0.4 0.5
Tax receivables 0.5 0.3 0.2 0.2
Cash and cash equivalents 40.2 16.5 10.9 0.8
66.2 74.0 11.5 1.5
Total assets 403.0 427.3 314.8 306.9
Current liabilities
Trade and other payables (14.5) (14.3) (2.8) (3.8)
Lease Liabilities - (0.2) - -
Tax payable (1.6) (3.2) - -
(16.1) (17.7) (2.8) (3.8)
Non-current liabilities
Other payables - (0.2) - -
Deferred tax liabilities (46.5) (62.6) - -
Long term provisions (56.5) (51.1) - -
(103.0) (113.9) - -
Total liabilities (119.1) (131.6) (2.8) (3.8)
Net assets 283.9 295.7 312.0 303.1
Equity
Share capital 32.4 33.1 32.4 33.1
Share premium 58.0 58.0 58.0 58.0
Other reserves 299.4 258.1 243.3 202.0
Retained (deficit) / earnings (105.9) (53.5) (21.7) 10.0
Total equity 283.9 295.7 312.0 303.1
(1) See Note 2(d)
The above condensed consolidated and company balance sheets should be read in
conjunction with the accompanying notes.
CONDENSED consolidated STATEMENT OF CHANGES IN EQUITY
Group
Called up Share premium Other reserves Retained Total
Notes
share capital
$ million
$ million
earnings /(deficit)
$ million
$ million $ million
As at 1 January 2024 (Restated(1)) 33.7 58.0 255.4 (67.0) 280.1
Profit for the - - - 23.6
year 23.6
Share buy (0.6) - 0.6 (2.9) (2.9)
back
Shares purchased - - (0.9) - (0.9)
Share-based - - 1.7 - 1.7
payments
Distributions to - - - (5.9) (5.9)
shareholders
Transfer relating to share-based payments - - 1.3 (1.3) -
As at 1 January 2025 (Restated(1)) 33.1 58.0 258.1 (53.5) 295.7
Loss for the - - - (6.6) (6.6)
year
Other comprehensive - - (0.3) - (0.3)
income
Share buy back (0.1) - 0.1 (0.3) (0.3)
Share-based - - 1.8 - 1.8
payments
Treasury shares cancelled (0.6) - 39.7 (39.1) -
Distributions to - - - (6.5) (6.5)
shareholders
12
Transfer relating to share-based payments - - - 0.1 0.1
As at 31 December 2025 32.4 58.0 299.4 (105.9) 283.9
(1) See Note 2(d)
Company
Called up Share premium Other reserves(1) Retained Total
share capital
$ million
$ million
earnings /(deficit)
$ million
$ million $ million
As at 1 January 2024 33.7 58.0 200.6 (14.9) 277.4
Profit for the year - - - 35.0 35.0
Share buy back (0.6) - 0.6 (2.9) (2.9)
Share-based payments - - 1.7 - 1.7
Distributions to shareholders - - - (5.9) (5.9)
Transfer relating to share-based payments - - (0.9) (1.3) (2.2)
As at 1 January 2025 33.1 58.0 202.0 10.0 303.1
Profit for the year - - - 14.1 14.1
Share buy back (0.1) - 0.1 (0.3) (0.3)
Share-based payments - - 1.8 - 1.8
Treasury shares cancelled (0.6) - 39.7 (39.1) -
Distributions to - - - (6.5) (6.5)
shareholders
12
Transfer relating to share-based payments - - (0.3) 0.1 (0.2)
As at 31 December 2025 32.4 58.0 243.3 (21.7) 312.0
(1) Includes a Merger reserve of $137.1m (2024: $137.1m) which is
distributable in accordance with the Companies Act 2006. Total distributable
reserves at 31 December 2025 are $115.4m.
The above condensed statements of changes in equity should be read in
conjunction with the accompanying notes.
CONDENSED CONSOLIDATED cash flow statements
for the year to 31 December 2025
Group Company
Notes 2025 2024 2025 2024
$ million $ million $ million $ million
Net cash from (used in) operating activities 13 55.6 54.0 (7.6) (11.2)
Investing activities
Purchase of intangible assets (7.6) (5.4) - -
Purchase of property, plant and equipment (16.1) (18.4) (0.1) -
Payment to abandonment fund (3.9) (2.3) - -
Consideration in relation to farm out of Egyptian assets(1) - 5.0 - -
Contingent consideration received in relation to farm out of Egyptian assets 2.9 3.6 - -
Assignment fee in relation to farm out of Egyptian assets - (0.4) - -
Loans from subsidiaries - - 6.0 4.7
Loans to subsidiaries - - (1.3) -
Dividends received from subsidiary undertakings - - 23.0 14.3
Investment in subsidiary undertakings - - (10.9) -
Return of capital from subsidiary undertakings - - 7.9 -
Net cash (used in) from investing activities (24.7) (17.9) 24.6 19.0
Financing activities
Share purchase - (0.9) - -
Repayment of borrowings - (41.4) - -
Proceeds from borrowings - 2.2 - -
Interest paid on borrowings - (2.4) - -
Lease payments (0.2) (0.3) - -
Share buy back (0.3) (2.9) (0.3) (2.9)
Dividends paid to shareholders (6.5) (5.9) (6.5) (5.9)
Net cash used in financing activities (7.0) (51.6) (6.8) (8.8)
Net increase/(decrease) in cash and cash equivalents 23.9 (15.5) 10.2 (1.0)
Cash and cash equivalents at beginning of year 16.5 32.6 0.8 1.7
Effect of foreign exchange rate changes (0.2) (0.6) (0.1) 0.1
Cash and cash equivalents at end of year 40.2 16.5 10.9 0.8
( )
(1) During 2024 IPR, acting as operator and agent, was authorised to settle
its operating liabilities of $3.7m and investing liabilities of $1.3m against
the consideration due from the associated carry debtor amounting to $5.0m. The
Company has disclosed the underlying cash flows as operating, investing or
financing according to their nature on the basis that, as a principal, the
entity has the right to the cash inflows and/or the obligation to settle the
liability and to ensure clarity of disclosure of the operating cash costs of
the business. The total carry of $35.9m was utilised in full by April 2024,
hence there are no cash inflows in 2025.
The above condensed consolidated and company cash flow statements should be
read in conjunction with the accompanying notes.
Notes to the condensed consolidated financial statements
1. General information
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 December 2025 or 2024, but is
derived from those accounts. A copy of the statutory accounts for 2024 has
been delivered to the Registrar of Companies and those for 2025 will be
delivered following the Company's annual general meeting. The auditors have
reported on those accounts; their reports were unqualified, did not draw
attention to any matters by way of emphasis without qualifying their report
and did not contain statements under section 498(2) or (3) of the Companies
Act 2006. Whilst the financial information included in this preliminary
announcement has been computed in accordance with International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standard
Board (IASB), this announcement does not itself contain sufficient information
to comply with IFRS. The financial statements are presented in US dollars
which is the functional currency of each of the Company's subsidiary
undertakings.
2. Material accounting policies
(a) Basis of preparation
The financial information has been prepared in accordance with UK-adopted
international accounting standards in conformity with the requirements of the
Companies Act 2006.
The financial information has also been prepared on a going concern basis of
accounting.
(b) New and amended standards adopted by Pharos
The Group applied for the first time certain standards and amendments, which
are effective for annual periods beginning on or after 1 January 2025 (unless
otherwise stated). The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet effective.
Amendments that apply for the first time in 2025, but do not have an impact on
the Group's financial statements are:
Lack of exchangeability - Amendments to IAS 21
The amendment to IAS 21 specifies how an entity should assess whether a
currency is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking.
A currency is considered to be exchangeable into another currency when an
entity is able to obtain the other currency within a time frame that allows
for a normal administrative delay and through a market or exchange mechanism
in which an exchange transaction would create enforceable rights and
obligations.
The Group has assessed the amendments to IAS 21 on Lack of Exchangeability and
concluded that they are not applicable, as the currencies in which the Group
operates (USD, EGP, VND and GBP) are considered exchangeable.
(c) New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been published that
are not mandatory for 31 December 2025 year end and have not been early
adopted by the Group.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, replacing IAS 1 Presentation of
Financial Statements. IFRS 18 introduces new presentation requirements for the
statement of profit or loss, including specified totals and subtotals, and
requires entities to classify income and expenses into five categories:
operating, investing, financing, income taxes, and discontinued operations. It
also adds disclosure requirements for management-defined performance measures
and sets new rules for aggregation and disaggregation in financial statements
and notes.
Additionally, amendments to IAS 7 Statement of Cash Flows change the indirect
method's starting point to operating profit or loss and remove options for
classifying dividends and interest. Consequential amendments were also made to
other standards.
The Group is currently working to identify all impacts the amendments will
have on the primary financial statements and notes to the financial
statements.
IFRS 18 and 'Classification and Measurement of Financial Instruments -
Amendments to IFRS 9 and IFRS 7' are being assessed for the impact and other
standards are not expected to have a material impact on the primary financial
statements and notes to the financial statements.
(d) Restatement of deferred tax liability
Comparative information in respect of the deferred tax liability has been
restated in relation to an adjustment made to correct excess cost recovery
considered in the deferred tax calculations in respect of years prior to 2024.
The deferred tax liability as at 31 December 2024 was overstated by $4.9m. As
a result of the correction, the deferred tax liability decreased from $67.5m
to $62.6m as at 31 December 2024. As the error related to years prior to 2024,
the opening retained deficit has been restated, resulting in a decrease from
$(71.9)m to $(67.0)m as at 1 January 2024 and from $(58.4)m to $(53.5)m as at
31 December 2024.
3. Segment information
The Group has one principal business activity being oil and gas exploration
and production. The Group's operations are located in South East Asia and
Egypt (the Group's operating segments). There are no inter-segment sales.
South East Asia and Egypt form the basis on which the Group reports its
segment information.
2025
SE Asia Egypt Unallocated(1) Group
$ million
$ million
$ million
$ million
Oil and gas sales 99.8 14.8 - 114.6
Realised loss on commodity hedges - - - -
Total revenue 99.8 14.8 - 114.6
Cost of sales (81.0) (16.7) - (97.7)
Impairment reversal - Financial asset - 1.3 - 1.3
Administrative expenses - - (8.8) (8.8)
Depreciation, depletion and amortisation - Oil and gas (41.4) (5.0) - (46.4)
Depreciation, depletion and amortisation - Other - (0.2) - (0.2)
Other operating costs - - (0.3) (0.3)
Pre-licence costs - - (0.4) (0.4)
Loss on fair value movement of financial asset(2) - (0.5) - (0.5)
Profit/(loss) before tax 16.5 (1.3) (8.7) 6.5
Tax charge on operations (12.7) (0.4) - (13.1)
2024
SE Asia Egypt Unallocated(1) Group
$ million
$ million
$ million
$ million
Oil and gas sales 115.4 20.7 - 136.1
Realised loss on commodity hedges - - (0.1) (0.1)
Total revenue 115.4 20.7 (0.1) 136.0
Cost of sales (75.6) (14.2) - (89.8)
Impairment charge - Financial asset - 2.5 - 2.5
Administrative expenses - - (9.1) (9.1)
Depreciation, depletion and amortisation - Oil and gas (42.1) (5.0) - (47.1)
Depreciation, depletion and amortisation - Other - (0.2) - (0.2)
Other operating costs - - (0.8) (0.8)
Pre-licence costs - - (0.8) (0.8)
Impairment charge - Intangible assets - (2.0) - (2.0)
Impairment reversal - PP&E 23.4 4.9 - 28.3
Gain on fair value movement of financial asset(2) - 0.3 - 0.3
Profit/(loss) before tax(1) 60.9 11.3 (11.5) 60.7
Tax charge on operations (26.8) (1.9) - (28.7)
Tax charge on impairment reversal (8.4) - - (8.4)
(1) Unallocated amounts included in profit/(loss) before tax comprise
corporate costs not attributable to an operating segment, investment revenue,
other gains and losses and finance costs.
(2) Relates to the revision of contingent consideration due from the farm-out
of the Egyptian concessions with IPR, partially offset by the movement in
contingent liability (assignment fee) owed to EGPC.
The accounting policies of the reportable segments are the same as the Group's
accounting policies.
Included in revenues arising from South East Asia and Egypt are revenues of
$99.8m and $14.8m which arose from the Group's two customers, who contributed
more than 10% to the Group's oil and gas revenue (2024: $115.4m and $20.7m in
South East Asia and Egypt from the Group's two customers).
Geographical information
The Group's oil and gas revenue and non-current assets (excluding other
assets) by geographical location are separately detailed below where they
exceed 10% of total revenue or non-current assets, respectively:
Revenue
All of the Group's oil and gas revenue is derived from foreign countries. The
Group's oil and gas revenue by geographical location is determined by
reference to the final destination of oil or gas sold.
2025 2024
$ million
$ million
Vietnam 99.8 115.4
Egypt 14.8 20.7
114.6 136.1
2025 2024
$ million
$ million
Non-current assets(1)
Vietnam 217.6 233.5
Egypt 59.1 62.0
United Kingdom 0.2 -
276.9 295.5
(1)Excludes other assets.
4. Cost of sales
2025 2024
$ million $ million
Depreciation, depletion and amortisation (see Note 10) 46.4 47.1
Production operating costs 40.8 39.5
Production based taxes 7.3 9.2
Change in inventories 3.2 (6.0)
97.7 89.8
Impairment reversal - financial asset (1.3) (2.5)
96.4 87.3
5. Other operating costs and Other/restructuring expense
2025 2024
Other operating $ million $ million
costs
Share based - 0.6
payments
Other 0.3 0.2
0.3 0.8
In 2024, share based payments of $0.6m relate to the posthumous vesting of
share scheme awards to the former CEO of the Company, settled in cash and paid
to his estate with the agreement of the executor. This cash settlement was
provided for in the relevant share scheme rules and formally approved by the
Remuneration Committee.
2025 2024
Other/restructuring expense $ million $ million
Redundancy costs - 0.4
- 0.4
In 2024, Other/restructuring expenses included $0.4m of redundancy costs
relating to the Egypt office in Cairo.
6. Finance costs
2025 2024
$ million
$ million
Unwinding of discount on provisions 2.3 2.2
Interest expense and similar fees - 1.1
Net foreign exchange (gains)/losses (0.1) 0.6
2.2 3.9
In 2025, $2.3m relates to the unwinding of discount on the provisions for
decommissioning (2024: $2.2m). The provisions are based on the net present
value of the Group's share of the expenditure which will be incurred at the
end of the producing life of TGT and CNV (currently estimated to be 7-8 years)
in the removal and decommissioning of the facilities currently in place.
Interest expense and similar fees for 2024 relates to interest paid on the
Group's reserve based lending facility and an uncommitted revolving credit
facility with the National Bank of Egypt (UK) Limited (NBE UK). The RBL loan
facility was voluntarily repaid early and in full on 17 September 2024 and the
NBE UK facility was repaid in full in August 2024.
7. Income tax charge
2025 2024
$ million
$ million
Current tax
Current income tax charge 29.4 36.0
Adjustments to tax charge in respect of prior years (0.2) 1.8
29.2 37.8
Deferred tax
Deferred tax credit on operations (16.1) (9.1)
Deferred tax charge on net impairment reversal - 8.4
(16.1) (0.7)
Income tax charge reported in the consolidated income statement 13.1 37.1
The Group's corporation tax is calculated at 50% (2024: 50%) of the estimated
assessable profit for the year in Vietnam. In Egypt, under the terms of the
concession, any local taxes arising are settled by EGPC on behalf of the
Group. During 2025 and 2024, both current and deferred taxation have arisen
in overseas jurisdictions only.
The charge for the year can be reconciled to the profit/(loss) per the income
statement as follows:
2025 2024
$ million
$ million
Profit before tax 6.5 60.7
Tax at 50% (2024: 50%) 3.3 30.4
Effects of:
Non-taxable income - (5.8)
Non-deductible expenses 6.5 8.1
Egypt taxation at different rate to Vietnam effective tax rate (0.1) (2.0)
Tax losses not recognised 3.6 4.9
Utilisation of tax losses - (0.3)
Adjustments to tax charge in respect of prior periods (0.2) 1.8
Tax charge for the year 13.1 37.1
The prevailing tax rate in Vietnam, where the Group produces oil and gas, is
50%. The tax charge in future periods may also be affected by the factors in
the reconciliation above.
In 2024, non-taxable income relates to the tax impact of Vietnam impairment
reversals of $(3.3)m in relation to the non-cost recovery pool and Egypt
impairment reversal of $(2.5)m. Non-deductible expenses primarily relate to
Vietnam DD&A charges for costs previously capitalised, which are
non-deductible for Vietnamese tax purposes of $4.5m (2024: $6.2m). 2025 also
includes $1.2m of non-deductible expenses for Egypt operations. A further
$0.8m (2024: $0.9m) relates to non-deductible corporate costs including share
scheme incentives. In 2024, non-deductible expenses also included the tax
impact of Egypt intangible impairment charges of $1.0m.
The Egypt concessions are subject to corporate income tax at the standard rate
of 40.55%, however responsibility for payment of corporate income taxes falls
upon EGPC on behalf of Pharos El Fayum (PEF). The Group records a tax charge,
with a corresponding increase in revenue, for the tax paid by EGPC on its
behalf. As PEF became profitable in 2024, reversing the historic tax loss
position since first production, this led to a $0.4m (2024: $1.9m) tax charge
being recorded.
The effect from tax losses not recognised in 2025 and 2024 relates to costs,
primarily of the Company, deductible for tax in the UK but not expected to be
utilised in the foreseeable future.
8. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Group
2025 2024
$ million
$ million
(Loss)/gain for the purposes of basic earnings per share (6.6) 23.6
Effect of dilutive potential ordinary shares - Cash settled share awards and - (0.9)
options
(Loss)/gain for the purposes of diluted earnings per share (6.6) 22.7
Number of shares (million)
2025 2024
Weighted average number of ordinary shares 413.1 417.0
Effect of dilutive potential ordinary shares - Share awards and options - 2.7
Weighted average number of ordinary shares for the purpose of diluted 413.1 419.7
profit/(loss) per share
In accordance with IAS 33 "Earnings per Share", the effects of 13.0m
antidilutive potential shares have not been included when calculating dilutive
earnings per share for the year ended 31 December 2025, as the Group was loss
making.
9. Intangible assets
Intangible assets at 2025 year-end comprise the Group's exploration and
evaluation projects which are pending determination. Included in the additions
is Blocks 125 & 126 in Vietnam $6.9m (2024: $2.8m), including $3.7m of
drill casings and long-lead items ahead of drilling the first commitment well,
and Egypt $0.7m (2024: $2.8m).
During 2023, approval was received from the Vietnamese Government in June for
the two-year extension to Phase One of the Exploration Period under Blocks 125
& 126 PSC to 8 November 2025. In June 2025, approval was received from the
Vietnamese Government for a further two-year extension of the Exploration
Period (from 9 November 2025 to 8 November 2027). In July 2023, the Company
published an independent report prepared by ERCE on Blocks 125 & 126 in
Vietnam which makes estimates of prospective oil resources with an aggregated
gross unrisked Mean of 13,328 MMstb, covering those Prospects and Leads
already identified. The report supports the Company's internal assessments and
paves the way for further work to develop new Leads and mature Leads to
Prospects. Detailed drilling engineering studies for the proposed well on
Prospect A commenced in third quarter of 2024, with long lead items ordered to
progress the opportunity on Blocks 125. The Company is continuing its
discussions with potential farm-in partners and rig contractors to complete
all necessary work to drill the first exploration well on this basin-opening
play. Whilst ongoing costs for exploration are therefore forecasted and funds
are available for future exploration, there is insufficient certainty of full
recovery to justify the reversal of the previous impairment charges in 2020.
The accumulated impairment charges against Vietnam exploration and evaluation
expenditure at 31 December 2025 therefore remains at $17.9m (2024: $17.9m).
In Egypt, as part of the planned work programme for 2024, an exploration well
was drilled on El Fayum in August 2024. Testing of the well was carried out at
the beginning of February 2025. IPR, the operator of the El Fayum Concession,
applied to EGPC for commercial discovery declaration and early production
permission in February 2025. The development lease was approved and first
production commenced at the end of June 2025. As a result, exploration costs
of $2.9m were reclassified to property, plant and equipment in 1H 2025 and the
net book value of Egypt exploration and evaluation expenditure at 31 December
2025 stood at $nil (2024: $2.2m).
10. Property, plant and equipment and right of use assets
2025 Oil and gas Other Total
properties
$ million
$ million
$ million
Property, plant and equipment 250.1 0.3 250.4
Right of use asset - - -
As at 31 December 2025 250.1 0.3 250.4
2024 Oil and gas Other Total
properties
$ million
$ million
$ million
Property, plant and equipment 273.2 0.3 273.5
Right of use asset 0.2 - 0.2
As at 31 December 2024 273.4 0.3 273.7
We have evaluated each of our oil and gas producing properties for impairment
or impairment reversal triggers. For each producing property where triggers
are identified, the recoverable amount held would be determined using the
value in use method and is calculated using a discounted cash flow valuation
of the 2P production profile.
The average Brent price forecast as at Dec 2025 fell by 9% for 2026 to 2030
and 7% in the longer-term compared to the forecast at the end of 2024 and does
not indicate a significant change in the underlying value of oil and gas
assets. Furthermore, there were no significant changes to macroeconomic
factors such as risk-free rate, equity market risk premium and country risk
premiums, plus the overall market outlook remains stable. Forecast production
volumes for Vietnam remain comparable to year end 2024 forecast, and the Group
is currently in the process of a drilling campaign in Vietnam, with two infill
wells that completed before year end and were brought into production. For
Egypt assets, there were some delays in the execution of the El Fayum
development plan, but not significant enough to adversely impact the asset
valuation. As a result, after examining both internal and external
indicators of impairment, the Group determined that no impairments or
impairment reversal indicators were identified on any of the Group's oil and
gas producing properties and no impairment tests were performed as at 31
December 2025.
Summary of Impairments - Oil and Gas Properties 2025
2025 TGT CNV El Fayum NBS Total
$ million
$ million
$ million
$ million
$ million
Pre-tax impairment reversal - - - - -
Deferred tax charge - - - -
Post-tax impairment reversal - - - - -
Reconciliation of carrying amount:
As at 1 January 2025 153.6 60.2 58.5 1.1 273.4
Additions 10.8 4.8 1.4 0.1 17.1
Transfer from intangible assets - - 2.9 - 2.9
Revision to decommissioning (1) 2.0 1.1 - - 3.1
DD&A (32.9) (8.5) (4.8) (0.2) (46.4)
As at 31 December 2025 133.5 57.6 58.0 1.0 250.1
2024
2024 TGT CNV El Fayum NBS Total
$ million
$ million
$ million
$ million
$ million
Pre-tax impairment reversal 19.8 3.6 4.9 - 28.3
Deferred tax charge (7.1) (1.3) - - (8.4)
Post-tax impairment reversal 12.7 2.3 4.9 - 19.9
Reconciliation of carrying amount:
As at 1 January 2024 158.6 65.0 54.7 1.0 279.3
Additions 12.8 1.0 3.5 0.5 17.8
Revision to decommissioning (1) (4.9) - - - (4.9)
DD&A (32.7) (9.4) (4.6) (0.4) (47.1)
Impairment reversal 19.8 3.6 4.9 - 28.3
As at 31 December 2024 153.6 60.2 58.5 1.1 273.4
( )
(1) Revision to decommissioning for TGT is due to a change in discount rate
and field abandonment plan, including one appraisal well that commenced
drilling in December 2025. CNV reflects a change in discount rate and field
abandonment plan, including one new infill well that commenced drilling in
December 2025 (2024: change in discount rate and field abandonment plan,
including two new infill wells completed in October 2024 for TGT; change in
discount rate, offset by a revision to the field abandonment plan for CNV)
2024 impairment considerations
Vietnam
The key assumptions to which the recoverable amount is most sensitive are oil
price, discount rate and 2P reserves. In 2024, for both TGT and CNV, there was
an upwards technical revision of 2P reserves following the granting of
five-year extensions to the Petroleum contracts and a decrease in discount
rate, which led to impairment reversals for both fields. As at 31 December
2024, the recoverable value of the assets was estimated based on a post-tax
nominal discount rate of 10.7% and a Brent oil price of $74.2/bbl in 2025,
$72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0%
thereafter
Testing of sensitivity cases indicated that a $5/bbl reduction in long-term
oil price used when determining the value in use method would result in
post-tax impairment charges (compared to new NBV, post-impairment reversal) of
$13.7m on TGT and $3.1m on CNV. A 1% increase in discount rate would result in
post-tax impairments of $2.5m on TGT and $0.9m on CNV (compared to new NBV,
post-impairment reversal).
Sensitivities were also run utilising the IEA (International Energy Agency)
scenarios described as being consistent with achieving the COP26 agreement
goal to reach net zero by 2050 (the "Net Zero price scenario"). The nominal
Brent prices used in this scenario were as follows; $74.2/bbl in 2025,
$72.9/bbl in 2026, $74.0/bbl in 2027, $65.8/bbl in 2028, $57.2/bbl in 2029,
$48.2/bbl in 2030, $48.2/ bbl in 2031, $48.2/bbl in 2032 and $48.1/bbl in
2033. Using these prices and a 10.7% discount rate would result in additional
post-tax impairment charges (compared to new NBV, post-impairment reversal) of
$20.5m on TGT and $5.2m on CNV.
Egypt
The key assumptions to which the recoverable amount is most sensitive are oil
price, discount rate, capital spend and 2P reserves. In 2024, there was a
decrease in the discount factor which has led to an impairment reversal for El
Fayum, partially offset by a downwards technical revision of El Fayum 2P
reserves due to change in the development plan. As at 31 December 2024, the
recoverable value of El Fayum was estimated based on a post-tax nominal
discount rate of 14.9% and a Brent oil price of $74.2/bbl in 2025, $72.9/bbl
in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0%
thereafter. For NBS, no material impairment arose as a result of the above
impairment considerations.
Testing of sensitivity cases indicated that a $5/bbl reduction in long term
oil price used when determining the value in use method would result in an
impairment charge (compared to new NBV, post-impairment reversal) of $6.6m for
El Fayum. A 1% increase in discount rate would result in impairment charges of
$2.2m on El Fayum (compared to new NBV, post-impairment reversal). We also ran
a sensitivity using 14.9% discount rate and the Net Zero price scenario would
result in an additional impairment of $30.2m on El Fayum (compared to new NBV,
post-impairment reversal).
Other considerations
It is not considered possible to provide meaningful sensitivities in relation
to 2P reserves for any of the Group's oil and gas producing properties, as the
impact of any changes in 2P reserves on recoverable amount would depend on a
variety of factors, including the timing of changes in production profile and
the consequential effect on the expenditure required to both develop and
extract the reserves.
Other fixed assets comprise office fixtures and fittings and computer
equipment.
11. Hedge transactions
During 2025, Pharos entered into zero cost collar hedges to protect the Brent
component of forecast oil sales and to provide downside protection to cash
flows in the event of commodity prices falling.
At 31 December 2025, the commodity hedges run until March 2026 and are settled
monthly. For full year 2025, 29% of the Group's total production was hedged,
securing average floor and ceiling prices for the hedged volumes at $62.6/bbl
and $87.1/bbl, respectively, leaving 71% of 2025 Group production unhedged as
at 31 December 2025 (2024: 31% of the Group's total production was hedged,
securing average floor and ceiling prices for the hedged volumes at $63.4/bbl
and $89.2/bbl). Following the termination of the RBL agreement effective July
2025, the Group has decided to continue hedging to mitigate the risk of a
sharp decline in Brent price. As a result, the company placed further hedges
in January 2026 through which the company has hedged c.19% of total forecast
group entitlement production for 2026. These are a combination of zero cost
collars, premium collars and put options.
A summary of hedges outstanding as at 31 December 2025 is presented below,
which is a put option.
1Q26
Production hedge per quarter - 000/bbls 60
Min. Average value of hedge - $/bbl 58.00
Pharos has designated the zero cost collars as cash flow hedges. This means
that the effective portion of unrealised gains or losses on open positions
will be reflected in other comprehensive income. Every month, the realised
gain or loss will be reflected in the revenue line of the income statement.
For the year end 31 December 2025, there were no realised gains or losses
(2024: loss of $0.1m). The outstanding unrealised loss on open positions as
at 31 December 2025 amounts to $0.2m (2024: unrealised gain of $0.1m).
The carrying amount of the zero cost collars is based on the fair value
determined by a financial institution. As all material inputs are observable,
they are categorised within Level 2 in the fair value hierarchy. It is
presented in "Trade and other receivables" or "Trade and other payables" in
the consolidated statement of financial position. The payable position as of
December 2025 was $0.1m (2024: $0.1m receivable).
12. Distribution to Shareholders
Amounts recognised as distributions to equity holders in the year: 2025 2025 2024 2024
$ million Pence per $ million Pence per
ordinary share ordinary share
Prior year interim dividend, paid in the year 1.8 0.363 1.7 0.330
Prior year final dividend, paid in the year 4.7 0.847 4.2 0.770
Total dividend, paid in year 6.5 1.210 5.9 1.100
Interim dividend for the year ended 31 December 2025 2.2 0.3993
Proposed final dividend for the year ended 31 December 2025 5.2 0.9317
The proposed final dividend for the year ended 31 December 2025 of 0.9317
pence per share takes the 2025 full-year dividend to 1.331 pence per share, in
excess of the minimum 10% of Operating Cash Flow (OCF) per the Company's
dividend policy and 10% higher than prior year.
The interim dividend for the year ended 31 December 2024 of 0.363 pence per
share ($1.8m) was paid on 22 January 2025. The final dividend for the year
ended 31 December 2024 of 0.847 pence per share ($4.7m) was approved by the
shareholders at the Company's AGM in May 2025 and subsequently paid on 18 July
2025.
The interim dividend for the year ended 31 December 2025 of 0.3993 pence per
share ($2.2m) was paid on 21 January 2026 to shareholders on the register as
at 19 December 2025. The proposed final dividend of 0.9317 pence per share
($5.2m) in respect of the year ended 31 December 2025 is payable on 17 July
2026 to all shareholders on the register at the close of business on 12 June
2026, subject to approval at the Company's AGM in May 2026.
13. Reconciliation of operating profit/(loss) to operating cash flows
Group Company
2025 2024 2025 2024
$ million $ million $ million $ million
Operating profit/(loss) 8.7 64.3 (9.3) 20.6
Share-based payments 1.6 0.9 1.6 0.9
Depletion, depreciation and amortisation 46.6 47.3 - -
Impairment (reversal)/charge - (26.3) 0.4 (31.2)
Taxes paid-in-kind (0.4) (1.9) - -
Operating cash flows before movements in working capital 56.5 84.3 (7.3) (9.7)
Decrease/(increase) in inventories 3.2 (6.0) - -
Decrease/(increase) in receivables (1) 26.2 11.3 - (1.7)
Decrease in payables (0.4) (0.3) (0.6) (0.1)
Cash generated by (used in) operations 85.5 89.3 (7.9) (11.5)
Interest received 0.5 0.4 0.3 0.3
Interest paid (0.1) - - -
Other/restructuring expense outflow - (0.4) - -
Income taxes paid (30.3) (35.3) - -
Net cash from (used in) operating activities 55.6 54.0 (7.6) (11.2)
(1) Includes $1.3m decrease (2024: $2.5m) in expected credit losses in respect
of Egypt trade receivables.
During the year, a total of $2.0m of trade receivables due from EGPC in Egypt
were settled by way of non-cash offset, of which $0.9m relates to preliminary
bond for SWER concession, $0.3m relates to training and development lease
bonuses/commitment paid to EGPC, $0.3m participation in a bid round process
and $0.5m solidification of shortfall on El Fayum licence commitment.
During 2024, a total of $0.5m of trade receivables due from EGPC in Egypt were
settled by way of non-cash offset, of which $0.4m relates to the assignment
bonus settled upon receipt of contingent consideration in relation to IPR Farm
out and $0.1m to the training bonuses settled with EGPC.
14. Subsequent events
Further regional instability in the Middle East, with global economic and
political implications, was introduced by the joint US and Israel military
action that began on 26 February 2026 with surprise airstrikes on multiple
sites and cities across Iran. These strikes and subsequent military action by
the US and Israel, and the retaliatory actions taken by Iran in response, have
resulted in surges in oil and gas prices, widespread disruption in aviation,
travel and tourism and heightened volatility in financial markets. The
conflict has also disrupted international trade, particularly through closure
of the Strait of Hormuz and other key shipping routes and strikes on gas and
oil facilities. The Group recognises that the conflict, if it continues for an
extended period, could result in longer term regional and global inflationary
pressure and an increased risk of recession.
The Group continues to carefully monitor the wider geopolitical impact and
perception in Egypt of the conflicts in the Middle East, in connection with
its assets and operations in the region.
15. Preliminary results announced
Copies of the announcement will be available to download from
www.pharos.energy. The Annual Report and Accounts, together with notice of the
2026 AGM, will be posted to shareholders in due course.
Non-IFRS measures
The Group uses certain measures of performance that are not specifically
defined under IFRS or other generally accepted accounting principles. These
non-IFRS measures include cash operating costs per barrel, DD&A per
barrel, EBITDAX, free cash flow, operating cash per share and return on
capital employed.
Cash operating costs per barrel
Cash operating costs are defined as cost of sales less DD&A, production
based taxes, movement in inventories and certain other immaterial cost of
sales.
Cash operating costs for the period are then divided by barrels of oil
equivalent produced. This is a useful indicator of cash operating costs
incurred to produce oil and gas from the Group's producing assets.
2025 2024
$ million $ million
Cost of sales 96.4 87.3
(Less)/add:
Depreciation, depletion and amortisation (46.4) (47.1)
Production based taxes (7.3) (9.2)
Change in inventories (3.2) 6.0
Trade receivables expected credit loss 1.3 2.5
Other cost of sales (2.6) (1.7)
Cash operating costs 38.2 37.8
Production (BOEPD) 5,398 5,801
Cash operating cost per BOE ($) 19.39 17.80
Cash-operating costs per barrel by Segment (2025)
Vietnam Egypt Total
$ million $ million $ million
Cost of sales 81.0 15.4 96.4
(Less)/add: (41.4) (5.0) (46.4)
Depreciation, depletion and amortisation
Production based taxes (7.2) (0.1) (7.3)
Change in inventories (3.1) (0.1) (3.2)
Trade receivables expected credit loss - 1.3 1.3
Other cost of sales (1.6) (1.0) (2.6)
Cash operating costs 27.7 10.5 38.2
Production (BOEPD) 4,095 1,303 5,398
Cash operating cost per BOE ($) 18.53 22.08 19.39
Cash-operating costs per barrel by Segment (2024)
Vietnam Egypt Total
$ million $ million $ million
Cost of sales 75.6 11.7 87.3
(Less)/add: (42.1) (5.0) (47.1)
Depreciation, depletion and amortisation
Production based taxes (9.1) (0.1) (9.2)
Change in inventories 6.0 - 6.0
Trade receivables expected credit loss - 2.5 2.5
Other cost of sales (1.3) (0.4) (1.7)
Cash operating costs 29.1 8.7 37.8
Production (BOEPD) 4,361 1,440 5,801
Cash operating cost per BOE ($) 18.23 16.51 17.80
Depreciation, depletion and amortisation costs per barrel
DD&A per barrel is calculated as net book value of oil and gas assets in
production, together with estimated future development costs over the
remaining 2P reserves. This is a useful indicator of ongoing rates of
depreciation and amortisation of the Group's producing assets.
2025 2024
$ million $ million
Depreciation, depletion and amortisation 46.4 47.1
Production (BOEPD) 5,398 5,801
DD&A per BOE ($) 23.55 22.18
DD&A per barrel by segment (2025)
Vietnam Egypt Total
$ million $ million $ million
Depreciation, depletion and amortisation 41.4 5.0 46.4
Production (BOEPD) 4,095 1,303 5,398
DD&A per BOE ($) 27.70 10.51 23.55
EBITDAX
EBITDAX is earnings from continuing activities before interest, tax, DD&A,
impairment (reversal)/charge of PP&E and intangibles, exploration
expenditure, pre-licence costs and Other/restructuring expense items in the
current year.
2025 2024
$ million $ million
Operating profit 8.7 64.3
Depreciation, depletion and amortisation 46.6 47.3
Pre-licence costs 0.4 0.8
Impairment reversal - (26.3)
EBITDAX 55.7 86.1
Free cash flow
Free cash flow is calculated by subtracting capital cash expenditure from net
cash from operating activities.
2025 2024
$ million $ million
Net cash from operating activities 55.6 54.0
Capital cash expenditure (27.6) (26.1)
Free cash flow 28.0 27.9
Operating cash per share
Operating cash per share is calculated by dividing net cash from (used in)
continuing operations by number of shares in the year.
2025 2024
$ million $ million
Net cash from operating activities 55.6 54.0
Weighted number of shares in the year 416,910,030 417,019,506
Operating cash per share 0.13 0.13
Return on capital employed (ROCE)
ROCE is calculated by dividing operating profit by total assets less current
liabilities. ROCE measures a company's profitability and the efficiency with
which its capital is employed.
2025 2024
$ million $ million
Operating profit 8.7 64.3
Total assets less current liabilities 386.1 409.6
ROCE 2.3% 15.7%
Glossary of Terms
AGM
Annual general meeting
bbl
Barrel
boe or BOE
Barrels of oil equivalent
boepd or BOEPD
Barrels of oil equivalent per day
bopd
Barrels of oil per day
BSR
Binh Son Refining and Petrochemical JSC, the operator of the Dung Quất
refinery, Quảng Ngãi Province, Vietnam
cash
Cash, cash equivalent and liquid investments
capex
Capital expenditure
CEO
Chief Executive Officer
CNV
Ca Ngu Vang field located in Block 9-2, Vietnam
Company or Pharos
Pharos Energy plc
Contingent Resources, contingent resources or CR
Those quantities of petroleum to be potentially recoverable from known
accumulations by application of development projects but which are not
currently considered to be commercially recoverable due to one or more
contingencies
Contractor
The party or parties identified as being, or forming part of, the "CONTRACTOR"
as defined in the El Fayum Concession or, as the case may be, the North Beni
Suef Concession
DD&A
Depreciation, depletion and amortisation
EBITDAX
Earnings before interest, tax, DD&A, impairment of PP&E and
intangibles, exploration expenditure and other/restructuring items in the
current year
EGP
Egyptian Pounds, the lawful currency of the Arab Republic of Egypt
EGPC
Egyptian General Petroleum Corporation, an Egyptian state oil and gas company
and the industry regulator
El Fayum or the El Fayum Concession
The concession agreement for petroleum exploration and exploitation entered
into on 15 July 2004 between the Arab Republic of Egypt, EGPC and Pharos El
Fayum in respect of the El Fayum area, Western Desert, as amended from time to
time
Financial Statements
The preliminary financial statements of the Company and the Group for the year
ended 31 December 2025
FPSO
Floating, production, storage and offloading Vessel
GHG
Greenhouse gas
Group
Pharos and its direct and indirect subsidiary undertakings
1H
The first half of a calendar year
2H
The second half of a calendar year
HLJOC
Hoang Long Joint Operating Company, the operator of the TGT field on Block
16-1, Vietnam
HVJOC
Hoan Vu Joint Operating Company, the operator of the CNV field on Block 9-2,
Vietnam
IFRS
International Financial Reporting Standards
IMF
The International Monetary Fund
IPR or IPR Energy Group
The IPR Energy group of companies, including IPR Lake Qarun and IPR Energy AG,
or such of them as the context may require
IPR Lake Qarun
IPR Lake Qarun Petroleum Co, an exempted company with limited liability
organised and existing under the laws of the Cayman Islands (registration
number 379306), a wholly owned subsidiary of IPR Energy AG
JOC
Joint operating company
JV
Joint venture
km
Kilometre
km(2)
Square kilometre
LTI
Lost Time Injury
LTIP
Long Term Incentive Plan
m
Million (where used to describe a monetary amount)
McDaniel
McDaniel & Associates Consultants Ltd
mmboe
Million barrels of oil equivalent
MMstb
Millions of stock tank barrels
NAV
Net asset value
NBE
The National Bank of Egypt, the largest Egyptian commercial bank and owned by
the state of Egypt
NBS, North Beni Suef or the North Beni Suef Concession
The concession agreement for petroleum exploration and exploitation entered
into on 24 December 2019 between the Arab Republic of Egypt, EGPC and Pharos
El Fayum in respect of the North Beni Suef area, Nile Valley
OCF
Operating cash flow
opex
Operational expenditure
PEF
Pharos El Fayum, a wholly owned subsidiary of the Company holding the Group's
participating interest in El Fayum and North Beni Suef
Petrosilah
An Egyptian joint stock company held 50/50 between EGPC and the Contractor
parties under the El Fayum Concession (being IPR Lake Qarun and PEF)
Petrovietnam
Vietnam Oil and Gas Group, the Vietnamese state-owned integrated oil and gas
company
PP&E
Property, plant and equipment
Prospect
An identified trap that may contain hydrocarbons. A potential hydrocarbon
accumulation may be described as a lead or prospect depending on the degree of
certainty in that accumulation. A prospect generally is mature enough to be
considered for drilling
PSC
Production sharing contract or production sharing agreement
Reserves or reserves
Reserves are those quantities of petroleum anticipated to be commercially
recoverable by application of development projects to known accumulations from
a given date forward under defined conditions. Reserves must further satisfy
four criteria: they must be discovered, recoverable, commercial and remaining
based on the development projects applied
RBL
Reserve-based lending facility
TGT
Te Giac Trang field located in Block 16-1, Vietnam
TLJOC
Thang Long Joint Operating Company, the operator of Block 15-2/01, Vietnam,
with which the HLJOC shares access to the FPSO used for TGT production
UK
United Kingdom
USD, US dollars or $
United States dollars, the lawful currency of the United States of America
£
UK Pound Sterling
1C
Low estimate scenario of Contingent Resources
1P
Equivalent to proved Reserves; denotes low estimate scenario of Reserves
2C or 2C Contingent Resources
Best estimate scenario of Contingent Resources
2P Reserves or 2P Commercial Reserves
Equivalent to the sum of proved plus probable Reserves; denotes best estimate
scenario of Reserves
3C
High estimate scenario of Contingent Resources
3P
Equivalent to the sum of proved, probable and possible Reserves; denotes high
estimate scenario of Reserves
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END PREUSSARNNUOUUR
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Pharos Energy
See all newsREG - Pharos Energy PLC - 2025 Preliminary Results
AnnouncementREG - Pharos Energy PLC - Investor Presentation via Investor Meet Company
AnnouncementREG - Pharos Energy PLC - Director/PDMR Shareholding
AnnouncementREG - Pharos Energy PLC - Holding(s) in Company
AnnouncementREG - Pharos Energy PLC - Director/PDMR Shareholding
Announcement