20th Jul 2023 17:14
Pharos Energy PLC - London-based oil and gas exploration and production company focused on South East Asia and the Middle East - Revenue in the six months to June 30 drops 33% annually to USD86 million from USD129 million, amid lower production. Working interest production declines 13% annually to 6,915 barrels of oil equivalent per day net from 7,961 boepd net a year prior. Production in Vietnam falls 5.0% to 5,566 from 5,861 boepd net, while in Egypt output declines 36% to 1,349 from 2,100 boepd net. Cash balance as at June 30 falls 24% to USD36 million from USD47.5 million a year prior. Net debt narrows to USD16 million from USD38.1 million. Posts no hedging loss compared to USD17 million a year ago. Forecast capital expenditure for full year 2023 is USD23 million, down 21% from the forecast capex of USD29 million for 2022.
Current stock price: 22.90 pence each
12-month change: up 12%
By Tom Budszus, Alliance News reporter
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