25th May 2023 11:36
Pharos Energy PLC - London-based oil and gas exploration and production company focused on South East Asia and the Middle East - Revenue falls 45% to USD49 million in the four months ended April 30, from USD89 million the year prior, with the company blaming the volatile macroeconomic environment in Egypt. Company production falls 18% to 6,805 barrels of oil equivalent per day from 8,921 boepd the year prior. The company expects Egypt production for the full-year between 1,350 boepd and 1,800 boepd, and Vietnam production between 4,700 boepd and 5,700 boepd.
"Our focus remains on operational delivery, sustainable cash generation and capital discipline to deliver regular shareholder returns, and we look forward to recommencing regular dividend payments this year alongside our ongoing share buyback programme," says Chief Executive Officer Jann Brown.
Current stock price: 22.75 pence, up 2.0% on Thursday in London
12-month change: down 8.3%
By Will Neill, Alliance News reporter
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