Pharos Energy (LSE:PHAR), the independent energy company with assets in Vietnam and Egypt, said its two multi‑rig drilling campaigns are fully funded and driving production and reserves growth.
Five of the six-well offshore Vietnam programme were completed on time and on budget and are already contributing to production and reserves, with the final appraisal well CNV-5X due to finish by mid‑year 2026.
"These are already contributing to production and reserves growth," Katherine Roe said.
Group working interest production for the four months ended 30 April was 5,561 boepd net, split 4,492 boepd in Vietnam and 1,069 bopd in Egypt, and sits within 2026 guidance of 5,200-6,400 boepd.
The three TGT infill wells are contributing c.2,800 bopd gross (830 bopd net) and TGT‑18X returned initial flows above 2,000 bopd gross (600 bopd net), while CNV infill and appraisal activity is ongoing.
Pharos has also started its six‑well onshore Egypt campaign, with the first rig mobilised to drill Silah 8‑2 and two rigs expected to run in parallel.
Group revenue for January-April 2026 was c.$49m and cash balances at 30 April were c.$31m.
Realised prices ranged from $72–$126/bbl in Vietnam (a premium to Brent) and $60–$114/bbl in Egypt (a discount to Brent), with Egypt receivables down to c.$7m and receivable days reduced to 120 at 30 April.
The company has hedged c.38% of 2026 forecast entitlement production (average floor c.$60/bbl, ceiling c.$79/bbl, swaps at c.$93/bbl) and c.17% of 1H 2027 production (swap c.$79/bbl, collars floor c.$67/bbl, ceiling c.$85/bbl).
Group cash capex for 2026 remains on budget at c.$50m (c.$39m Vietnam, c.$11m Egypt), and discussions on potential farm‑ins to Blocks 125 & 126 continue.
