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Pharos Energy ( (GB:PHAR) ) has shared an announcement.
Pharos Energy reported strong operational and financial performance for 2024, with stable production levels, robust cash flows, and successful drilling activities in Vietnam and Egypt. The company secured five-year licence extensions for its Vietnamese assets, enhancing its reserves and supporting further investment. Pharos ended the year debt-free, enabling a focused capital allocation towards high-return growth projects and maintaining its dividend policy. Looking ahead to 2025, Pharos plans additional drilling in both countries, aiming to boost production and achieve a 5% emission reduction target by 2026. The company anticipates continued tangible returns to shareholders through dividends and share buyback programs.
More about Pharos Energy
Pharos Energy plc is an independent energy company listed on the London Stock Exchange, with a focus on sustainable growth and returns to stakeholders. The company holds interests in oil production, development, and exploration in Egypt and Vietnam. In Egypt, Pharos has a 45% working interest in the El Fayum and North Beni Suef (NBS) Concessions, with the El Fayum producing oil from 10 fields. Pharos also operates in Vietnam with significant interests in Blocks 16-1 and 9-2, where the Te Giac Trang (TGT) and Ca Ngu Vang (CNV) fields are located.
YTD Price Performance: 9.00%
Average Trading Volume: 6,600
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $134.2M
For an in-depth examination of PHAR stock, go to TipRanks’ Stock Analysis page.
