The elements for sustained success. Pharos Energy is an independent oil and gas company with a focus on sustainable growth and returns to stakeholders.
We operate with a lean, efficient structure, designed to identify and realise value for all our stakeholders.
As a business, our ability to deliver value is key to our investment case. Capital discipline and financial stability have always been key to the Company and continue to underpin the business.
We take great care with our investors' money
We use our expertise:
- To assess and develop high-grade growth opportunities
- To focus on our cost base wherever we are
- To provide cash returns to shareholders
- To allocate capital to those assets which offer a combination of cash flow and growth
Our people and experience
Pharos Energy is guided by experienced and committed teams in the UK, Vietnam and Egypt.
In London, our finance, legal, commercial, and investor relations teams use their considerable expertise to manage our relationships with the capital markets and provide guidance and support to local management. In Egypt and Vietnam, we have expert operational teams in each region, working closely with joint operating companies.
As we acquire business assets as part of our growth strategy, we integrate the existing management teams to benefit from their regional knowledge and experience, ensuring we grow the assets to their full potential. We apply our expertise locally with operational teams in each region, working closely with joint operating companies.
Our 20+ year history with Vietnam has been a success story both for the company and the country
Over $1 billion was invested by the JOC in oil and gas projects located offshore Vietnam, making Pharos one of the largest British investors in the country. Pharos’s current producing interests, the Te Giac Trang and Ca Ngu Vang fields, together, are amongst Vietnam’s largest oil producers.
Pharos’s joint-operations have achieved an outstanding record of safety and have contributed to national economic growth through local sourcing, employment, training and industry upskilling.
Our goal is to be a positive presence and add value in everything we do:
- Our business – to provide responsible and sustainable development
- Our ethics – to conduct our business transparently, honestly and ethically
- Our people – to protect/ preserve the health, safety, security and welfare of our staff and contractors
- Environment – to protect the environment and conserve biodiversity
- Society – to consult with and contribute to our host communities
We are focusing on near-term value-adding activities in Vietnam and Egypt, both of which have the potential to generate free cash flow, and on the longer-term prospects such as exploration assets in Block 125 in Vietnam and El Fayum & North Beni Suef in Egypt. Key catalysts for 2023 will include:
- Work on submitting Revised Field Development Plans (RFDPs) for two wells on TGT and one on CNV is progressing, with all wells remaining in contingent budget until approval
- Application for extensions to TGT & CNV licences submitted to partners for approval
- Application for extension to Blocks 125 & 126 licence submitted in December 2022, as no suitable rigs were available for drilling in 2023, and is now with the Prime Minister’s office for approval
- Discussions ongoing with a number of interested parties to secure a farm-in partner before drilling the commitment well on Block 125
- Multi-well development drilling in El Fayum continues in 2023, with nine wells planned for the year
- Two commitment exploration wells expected to be drilled in the El Fayum Concession
- Drilling of first commitment exploration well on NBS underway, with the additional commitment exploration well to follow later in the year. An additional extension of the exploration period until September 2023 was granted by EGPC in March 2023
- Acquisition of the c.110 km2 of additional 3D seismic at NBS has started