|
Pharos Energy PLC on Thursday said revenue was up, as exploration planned for Vietnam and Egypt projects.
The Egypt and Vietnam-focused oil and gas production company said full year revenue was about $222 million before hedging loss of around $23 million, up 36% from $163.8 million before hedging loss of $29.7 million a year ago.
The company said revenue from its operations in Vietnam was about $185 million, with further revenue of about $37 million coming from its Egyptian operations.
Pharos had a cash balance at December 31 of $45 million, with net debt of USD 29 million, with cash balance up 66% from $27.1 million and net debt having narrowed from $57.5 million a year ago.
The company reported that working interest production for 2022 was 7,166 barrels of oil equivalent per day net, down 19% from 8,878 boepd net, and 7,533 boepd net on a comparative basis.
Seven wells were put into production in Egypt in 2022, the company said, while another was drilled in the fourth quarter, and is awaiting completion. Pharos added that two exploration wells will be drilled at its El Fayum project, with a new rig having commenced drilling in December.
In Vietnam, the company is working on revised field development plans for two wells in the TGT field and one in the CNV field. production guidance expects no contribution form the wells in 2023.
Pharos completed a $3 million share buyback programme, and has committed a further $3 million for 2023.
Chief Executive Officer Jann Brown said: ‘2022 saw strong cash generation, allowing us to make returns to shareholders through a share buyback programme which will now be extended with a further $3m allocated. We are also fully aware of the importance of regular dividends to much of our investor base, and look forward to making the first payment under the dividend policy announced in September as a key part of our overall commitment to returning value.’
The company will release its 2022 results on March 22.
Pharos shares were down 7.4% trading at 23.15 pence per share on Thursday afternoon in London.
By Harvey Dorset, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
