9th Dec 2025 13:57
(Alliance News) - Pharos Energy PLC on Tuesday said it is on track to achieve its full-year guidance for oil production after it kicked off a six-well drilling programme in Vietnam.
Shares in Pharos Energy rose 5.7% to 20.25 pence on Tuesday afternoon in London.
The energy company, which has assets in Vietnam and Egypt, said year-to-date average production was 5,391 barrels of oil equivalent per day, which is in line with 2025 guidance of between 5,200 and 6,000.
It expects full-year production to correspond with the year-to-date average production. Last year, the company reported an average net production of 5,801 boepd.
In Vietnam, the working interest production as at the end of November was 4,074 boepd net.
Pharos said it commenced the six-well drilling programme in October, which it expects to be completed by mid-2026.
"The second half of the year has been busy, with two drilling rigs currently in operation as we execute our six-well infill and appraisal drilling programme in Vietnam, the most significant investment into these assets since their original development," said Chief Executive Katherine Roe.
In Egypt, working interest production was 1,317 boepd net.
The company added that it continues to regularly receive payments from the Egyptian General Petroleum Corporation relating to their concession agreement with around USD17.3 million received in the year to date.
Pharos said preparations for a committed work programme in Egypt are underway.
The company said it remains debt-free and reported a cash balance of around USD16.6 million as of Sunday, against USD16.5 million at December 31 last year.
By Roya Shahidi, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Pharos Energy