3rd Jan 2025 14:18
(Alliance News) - Pharos Energy PLC on December 5 said the second half of 2024 was busy, with drilling activities starting again with successful results.
The London-based energy company with assets in Vietnam and Egypt said year to date average production was 5,760 barrels of oil equivalent per day net, in line with 2024 guidance of 5,200 to 6,500 boepd.
For 2023, Pharos Energy had reported group working interest production of 6,508 boepd net, down 9.2% from 7,166 boepd net in 2022.
Chief Executive Officer Katherine Roe said: "The second half has been busy for the Company with drilling activities commencing again in both Vietnam and Egypt, with successful results. Our strengthened balance sheet, following the repayment of all outstanding debt in September, has enabled us to support an active drilling work programme, delivered on time and on budget and in line with pre-drill expectations. These additional wells are already adding to our existing production and will help underpin exit rates as we approach the end of the year. They will also help manage production decline and contribute to next year's guidance which we will share in the new year."
Pharos Energy shares were 6.4% lower at 23.03 pence each on Friday afternoon in London.
By Tom Budszus, Alliance News slot editor
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