Pharos Energy (PHAR) Trading update summary

Operational performance

• Group 1H production reached 5,650 boepd net, aligning with full-year guidance of 5,200–6,400 boepd.

• Vietnam delivered 4,583 boepd and Egypt 1,067 bopd in 1H 2026.

• Five of six Vietnam wells drilled on time and budget, all contributing to production and reserves; final well to complete by end of July.

• Egypt resumed drilling with the first well of a six-well program completed in July, and a new rig secured for further drilling.

• Proposal submitted for an additional Vietnam appraisal well (TGT-20X) in 2H 2026.

Financial highlights

• Group 1H revenue totaled $82m, including a $3.7m hedging loss.

• Cash balances rose to $45.2m at 30 June 2026, up from $40.2m at year-end 2025.

• Egypt receivables reduced to $1.7m after collecting $13.7m in 1H 2026.

• Capital expenditure remains on budget at ~$50m, with an additional $4m if TGT-20X is drilled.

• Dividend of 1.331 pence per share for 2025, totaling $7.4m, with final dividend to be paid 17 July 2026.

Pricing and hedging

• Vietnam oil prices averaged $99/bbl in 1H 2026, with premiums up to $14.75/bbl in July.

• Egypt oil prices averaged $86/bbl, with a $6.17/bbl discount to Brent in June.

• 38% of 2026 and 17% of 1H 2027 forecast production hedged, securing average floor prices of $60.7/bbl (2H 2026) and $67.3/bbl (1H 2027).