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For those hyperventilating elsewhere about another woman being in charge, I’d remind people that Bill Higgs was appointed specifically to oversee Vietnam ops and support Vinny.
The proof of the pudding is going to be the rig contract and farmout in 125. A major re-rate should follow news of the drilling timetable.
Interesting news. Bit of a step-up from Wentworth but I expect her experience of selling companies (Wentworth went to M&P) may be useful.
Good to see Katherine Roe (ex Wentworth) appointed as Pharos Energy's new CEO with immediate start. Company is in a strong position as Katherine takes over, new energy and impetus now for growth.
Katherine has over 20 years of senior corporate, industry and capital markets experience and most recently served as the CEO of Wentworth Resources plc (Wentworth),
Thanks emptyend for sharing.
Very lightly-attended AGM with the only shareholders being me and the former Chairman’s brother. Full slate of Directors and advisers though.
VN licence extensions going well and “highly confident” due to recent site visits from the ministries. Should lead to an increase in 2P.
The amalgamation of the Egypt licences sounds like it won’t get finalised until mid-2025.
125 Prospect A is very exciting, with even majors who have turned it down thinking it is oil and (partly because of the multiple stacked plays of different types) think it will get drilled. Quite a long well, even relative to CNV basement, due to depth etc.
I also got the sense that some sort of corporate activity is on the horizon, judging in part from the background being preferred for the new CEO.
AGM statement on Thursday will be interesting with regards to Vietnam drilling and hopefully dividend nod at the AGM
Goes ex dividend 13 June paying 0.77p per share.
Will pop on many radars when we get the rig news. Oil revenue at premium to brent in Vietnam.
27/3 "advancing plans to drill the potentially transformational Block 125 in Vietnam"
It seems there are now two possible rigs under consideration. When they finalise one, we can expect an RNS.
So….from the AR&A, these are the approx changes in major holders since last year:
Lombard Odier……sold 30mn
Yorktown……sold 20mn
Radoff…..bought 38mn
Aberforth …..bought 4.5mn
Pharos…..bought 10mn in buyback
The only other change noted was Blue Albacore sold c 300,000 (so 1% of holding)
The other longstanding holders (Continis, Maugein estate, Story etc hold the same as last year.
Guess the main Q is what will happens to Story’s 16.2mn, but there don’t seem to be any other blocks potentially in play.
New Pharos broker research document out by Progressive Equity Research, reads really well, clearly strongly cash generative with some huge blue sky upside coning from the Vietnam asset.
I listened to that live and thought it was fair enough, especially the plans re 125……where I wait to see if Vinnie’s expectations are met.
I had a look at the Q&A write-up today, and imagine the company execs ripping their hair out at some of the lobotomised nonsense therein. For the avoidance of doubt, none of the questions were mine - I’ve had no contact with the company for several months.
But news on 125 should be a rerating catalyst, one a parter and firm well slot can be finalised.
Going to see a cash build here now and a re-rate in due course as updates flow and pile increases.
Egypt cash USD payments resumed.
Vietnam very strong cashflow on a premium to brent crude.
Brent over $90.
This will be in the 30s H2.
Pharos now in a very good place, net cash positive, high oil price churning free cash flow. 2 development Vietnam wells in H2 and dividend coming up.
Brent $91 tonight.....might trigger some action?
……..and another 1% for Brad. Now 16%+.
900,000 shares traded on Friday - biggest day for 5+ weeks - and yet thr company bout only 10k.
News coming?
They are required to notify. But have not been doing so.
Nothing the company can do about that, as they can only RNS notifications they have received.
This is not uncommon with non-UK shareholders, unfortunately.
EE. Presumably if still over the 3% threshold they need to still notify and change ? Any idea when any further news likely ? (hard work working O&G farm-outs these days !)
Not long to wait now until we get to see who has been selling her shares to Brad without notifying the market......the AR&A list comes from company inspection of the share register, and so by-passes the notification process.
.....and then it will start to get interesting....
The IMF managing director said the lender was “very close” to concluding a loan deal with Egypt widely seen as crucial for easing a foreign currency crisis that has been suffocating the economy of the heavily indebted Arab country.
There are a number of catalysts which will eventually bode well for the company. These include:
• Receipt of delayed payments from the Egyptian government.
• The company has been using water injection in Egypt to enhance recovery and should increase production within a year or so, if done correctly. Any increase will have a material impact due to the low current production rate.
• The big catalyst is any drilling in block 125 in Vietnam. This is a deep water field where drilling is expensive. That’s why Pharos is looking for a major partner to share the burden as well as potentially using a well slot on third party facilities (low cost option). If the latter results in large flows it will make it easier to attract a farm in partner and should be very positive for the share price. This may happen this year, at least the agreement.
• One thing that gets overlooked here is that Pharos is listed on the main market which may be attractive to a major producer looking to sell mature assets, in line with current industry trends.
• Bradley Radoff, an American investor, has been building a large stake in the company and will likely start taking an active role soon, most likely once third party discussions on block 125 have concluded.
The shares offer good potential if you’re looking to hold for more than 2 years. The shares are good value based on the balance sheet but not necessarily production, which is likely to fall in the short term. Hope this helps and good luck!
I believe it's mainly payments from Egypt that are being delayed. It may persist for another year or so. Egypt is undergoing financial difficulties which are are probably being made worse by the current mid east crisis. Pharos should get paid eventually and should add another 30% or so to market cap. The big downside is that it's money that Pharos could use to explore block 125 in Vietnam which is believed to hold very large reserves and could transform the company.
When dealing with developing countries it's fairly common for payments to be delayed but do eventually get paid, sometimes through the courts. It's part and parcel of the risks within the industry.
Haven't posted for a while
Do people think this has a good chance of ever moving up or more likely to move down ?
Is it all or nothing on the wells ?
Thank you in advance