Pharos Energy (PHAR) AGM 2026 presentation summary

Operational highlights

• Achieved stable domestic production in Vietnam with 5 of 6 wells drilled on time and budget, contributing to reserves and meeting expectations.

• Vietnam appraisal successes expected to drive approximately 20% growth in production volumes.

• Egypt commenced a six-well onshore drilling program, with rigs secured and first well underway.

• Egypt's receivable balance reduced to $4.5m, with significant payments received and days outstanding cut from 184 to 120.

• Parliamentary ratification of Egypt's consolidated concession agreement anticipated in 2026.

Financial performance

• Group revenue around $49m and cash balances at $31m, supporting both income and capital returns.

• Realized oil prices rose sharply in both Vietnam ($72/bbl to $126/bbl) and Egypt ($60/bbl to $114/bbl) from January to April 2026.

• 2026 capex remains on budget at approximately $50m, heavily weighted to the first half of the year.

• Robust cash flows and a strong financial base underpin ongoing operations and growth initiatives.

Production and reserves

• Vietnam 2026 YTD net production at 4,492 boepd, with guidance of 4,000–4,950 boepd.

• Egypt 2026 YTD net production at 1,069 bopd, with guidance of 1,200–1,450 bopd.

• YE 2025 2P reserves in Vietnam: TGT 4.9 mmboe, CNV 2.3 mmboe; Egypt: 11.2 mmbls.

• All Vietnam oil sold domestically at a premium to Brent with strong payment record.