Pharos Energy (LSE:PHAR), an independent energy company with assets in Vietnam and Egypt, reported first-half group working interest production of 5,650 barrels of oil equivalent per day, within its full-year guidance range of 5,200 to 6,400 boepd.
Five of the six wells in its Vietnam drilling campaign are complete and producing in line with pre-drill expectations, with the final well, CNV-5X, on track to finish by the end of July.
"These wells are already contributing to production and reserves growth, underpinning our production guidance and generating strong cash flow," said chief executive Katherine Roe.
In Egypt, drilling resumed with the first well of a new six-well programme completed on 9 July, backed by improved fiscal terms.
Cash balances rose to $45.2m at 30 June, from $40.2m at the end of December, after the company collected $13.7m of outstanding Egyptian receivables, cutting that balance to $1.7m from $7.4m.
Group revenue for the first half was $82m, including a $3.7m hedging loss.
Vietnam crude averaged $99 per barrel including premium, while Egyptian oil averaged $86 per barrel including discount.
Pharos is working with partners to drill an additional appraisal well, TGT-20X, in Vietnam during the second half, adding roughly $4m to its 2026 capital budget of roughly $50m, to take advantage of strong in-country premiums to Brent.
Interim results are due on 23 September.
