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Pharos Energy Advances Share Buyback Program with Latest Share Purchase
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Pharos Energy Advances Share Buyback Program with Latest Share Purchase

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Pharos Energy ( (GB:PHAR) ) has provided an update.

Pharos Energy plc announced the purchase and cancellation of 79,399 ordinary shares as part of its extended share buyback program initiated in July 2022. This program aims to enhance shareholder value, having already seen the purchase of 29,874,370 shares at a cost of over £7 million. The cancellation of shares reduces the total number of shares in circulation, potentially increasing the value of remaining shares and impacting shareholders’ stake calculations according to FCA rules.

More about Pharos Energy

Pharos Energy plc is an independent oil and gas exploration and production company focused on sustainable growth and returns to stakeholders. Listed on the London Stock Exchange, it has interests in Egypt and Vietnam. In Egypt, Pharos holds a 45% working interest in both the El Fayum and North Beni Suef Concessions, with production operations managed by joint ventures with IPR Energy Group and the Egyptian General Petroleum Corporation. In Vietnam, Pharos holds stakes in Blocks 16-1 and 9-2 within the Cuu Long Basin, as well as a 70% interest and operating role in Blocks 125 & 126 in the Phu Khanh Basin.

YTD Price Performance: 3.93%

Average Trading Volume: 19,892

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $119M

Find detailed analytics on PHAR stock on TipRanks’ Stock Analysis page.

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