Key milestones in the history of Pharos

2019

Egypt

Acquisition of Merlon Petroleum El Fayum

Total shareholders return to date: $530m

2018

Net production: 7,274 boepd
Shareholders return: $23.3m dividends
Revenue: $175.1m

Congo (Brazzavile)

Disposal of Congo (Brazzavile) assets

2017

Net production: 8,276 boepd
Shareholders return: $21.0m dividends
Revenue: $156.2m
20th anniversary

Vietnam

New venture into a Production Sharing Contract in Blocks 125 & 126

2016

Net production: 9,883 boepd
Shareholders return: $17.5m dividends
Revenue: $154.6m

2015

Net production: 11,976 boepd
Shareholders return: $51.0m dividends
Revenue: $214.8m

Congo (Brazzavile)

Successful completion of Lidongo X Marine 101 exploration well

 

2014

Net production: 13,605 boepd
Shareholders return: $119.0m cash returns
Revenue: $448.2m

Congo (Brazzavile)

Successful completion of exploration well offshore

2013

Net production: 16,694 boepd
Shareholders return: $213.0m cash returns
Revenue: $608.1m
Distributed first cash return to shareholders

Congo (Brazzavile)

Group farmed into, as operator, Mer Profonde Sud Block, offshore Congo

DRC

Nganzi Block relinquished

2012

Net production: 14,757 boepd
Shareholders return: Purchase of own shares of $32.9m
Revenue: $621.6m

Vietnam

First oil from TGT H4-WHP brought peak TGT production to over 60,500 BOPD

Congo (Brazzavile)

  • Nanga II A: Awarded sole Prospection Authorisation
  • Marine XIV Block relinquished

2011

Net production: 5,437 boepd
Shareholders return: Purchase of own shares of $6.8m
Revenue: $234.1m

Vietnam

First oil from TGT H1-WHP with development project completed on time and on budget

2010

Net production: 4,648 boepd
Revenue: $48.4m

DRC

Nganzi: First farm into onshore DRC

Thailand

Disposal of Bualang concession

2009

Net production: 6,415 boepd
Revenue: $69.3m

Congo (Brazzavile)

  • Drilled first well in Africa on the Marine XI Block
  • First farm into Marine XIV

DRC

Added Block V, Eastern DRC to portfolio

2008

Net production: 3,724 boepd
Revenue: $55.3m

Vietnam

First oil from CNV

Thailand

First oil from Bualang

2007

Net production: 6,316 bopd
Revenue: $98.4m

Angola

Cabinda North licence added to Africa portfolio

Yemen

Disposal of East Shabwa Development Area

2006

Net production: 6,766 BOPD
Shareholders return: Purchase of own shares at $13.6m
Revenue: $76.5m

DRC

Production Sharing Agreement signed on Nganzi block

Thailand

Participation Agreement farmed out 60% of Bualang concession

2005

Net production: 5,684 BOPD
Revenue: $57.2m

Vietnam

Block 16-1 TGT field discovered

Congo (Brazzavile)

Marine XI: Entered new core area in Africa upon signing Production Sharing Agreement

Mongolia

Disposal of Mongolian assets

2004

Net production: 5,533 BOPD
Revenue: $29.4m

Tunisia

Disposal of Didon/Zarat interests

2003

Net production: 5,409 BOPD
Revenue: $28.4m

Yemen

Start of production from Basement discovery on East Shabwa Development Area

2002

Net production: 6,203 BOPD
Revenue: £26.0m

Vietnam

  • Farmed out 50% of Vietnam interests to PTTEP
  • Block 9-2 CNV field discovered

2001

Net production: 8,817 BOPD
Revenue: £37.3m

Russia

Disposal of JV Permtex interests

2000

Net production: 8,810 BOPD
Revenue: £45.9m

Vietnam

Block 9-2 petroleum contract signed

1999

Net production: 7,205 BOPD
Revenue: £23.8m

Vietnam

Block 16-1 petroleum contract signed

Yemen

Disposal of Weald Basin assets

1998

Net production: 7,128 BOPD
Revenue: £15.5m

Tunisia

Production commenced from Didon field

Mongolia

First oil sales from Mongolia to China

1997

Listed on the London Stock Exchange

Vietnam

Shortlisted for an offshore concession

Yemen

East Shabwa Development Area commences production for an offshore concession

The Group and the DRC

The Group publicly set out its withdrawal programme from Block V in June 2014. In line with this public commitment, The Group’s operations inside Virunga National Park ceased on 22 July 2014 and elsewhere in Block V on 11 August 2014. On 12 March 2015, The Group committed to no further involvement in Block V and stated in its financial results announcement that all costs incurred on Block V to date and any further costs anticipated in the course of 2015 have been written off as exploration expense in 2014.

No exploration drilling took place in Block V. No drilling commitment was ever made and no oil exploitation plans existed for Block V. Block V is not located within the mountainous Mikeno Sector, home to the famous Mountain Gorillas. The Group has publicly stated since 2011 that it would never seek to have operations in the Mountain Gorilla habitat, the Virunga Volcanoes or the Virunga equatorial rainforest.

The Company currently has no working interest in sub-saharan Africa nor intends to invest further in the region.