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Pharos Energy ( (GB:PHAR) ) just unveiled an announcement.
Pharos Energy has secured five-year licence extensions for its TGT and CNV fields in Vietnam, granted by the Vietnamese Government. This extension is expected to boost the Net Present Value of these fields by over 50% and increase year-end 2024 2P reserves by approximately 10%, with further potential through appraisal and infill drilling. Although the extensions will result in a reduction of Pharos’ working interest in these fields after 2026 and 2027, they unlock significant opportunities for future growth and align with the company’s commitment to supporting Vietnam’s energy security agenda.
More about Pharos Energy
Pharos Energy plc is an independent energy company focused on sustainable growth and returns, listed on the London Stock Exchange. The company has production, development, and exploration interests in Egypt and Vietnam. In Egypt, Pharos holds a 45% working interest in the El Fayum and North Beni Suef concessions. In Vietnam, it has interests in the TGT and CNV fields located in the Cuu Long Basin, as well as in Blocks 125 & 126 in the Phu Khanh Basin.
YTD Price Performance: -1.79%
Average Trading Volume: 19,892
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: $109.2M
Learn more about PHAR stock on TipRanks’ Stock Analysis page.
