Pharos Energy PLC: A Look Ahead at 2024 and Beyond
London-based Pharos Energy PLC, a notable player in the global energy sector with significant assets in both Vietnam and Egypt, has shared its production forecasts for the upcoming year. According to the company, net production for 2024 is projected at 5,801 barrels of oil equivalent per day (boepd), marking an 11% decrease from the 6,508 boepd recorded in 2023. While this decline may raise eyebrows, it’s important to keep in mind that these figures align with the company’s guidance, showcasing a strategic and measured approach to operations.
Breaking down the numbers further, Pharos anticipates that the majority of its production will come from Vietnam, with about 4,361 boepd expected, alongside 1,440 boepd from Egypt. Their revenue forecast, approximately USD134 million, reflects a 20% drop from the previous year’s USD168.1 million—USD115 million from Vietnam and USD19 million from Egypt. Looking ahead to 2025, Pharos Energy projects working interest net production to range from 5,000 to 6,200 boepd, indicating a commitment to expanding its production capacity while navigating the challenges of the market.
Katherine Roe, Pharos Energy’s CEO, has expressed confidence in the company’s future. She emphasized that the transformation towards a resilient, debt-free balance sheet positions Pharos to effectively execute its growth strategy in both Vietnam and Egypt. “We are determined to allocate our capital towards investments that will yield the highest returns for our shareholders,” Roe said, reinforcing the company’s dedication to a sustainable dividend policy and shareholder satisfaction.
Investors will have the opportunity to delve deeper into Pharos Energy’s performance when the company releases its 2024 results on March 26.
Currently, Pharos Energy shares are trading at 24.25 pence each, reflecting a modest decline of 5.6% as of Thursday afternoon in London. However, over the past year, the stock has seen an impressive rise of 15%, indicating a positive trajectory despite recent fluctuations.
As Pharos Energy continues to adapt and strategize in this dynamic energy landscape, the focus on maintaining production levels while enhancing efficiency could prove beneficial for the company and its investors in the long run.
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