Pharos Energy (PHAR) Trading Update summary

Operational performance

• Group production for Jan–Apr 2025 averaged 5,757 boepd, aligning with guidance of 5,000–6,200 boepd.

• Vietnam contributed 4,216 boepd and Egypt 1,541 bopd, both within their respective guidance ranges.

• Group revenue for Jan–Apr 2025 was approximately $45 million.

• Cash balance at 30 April 2025 stood at $22 million, maintaining a debt-free position.

• Egypt receivables were $31.7 million, with $4.9 million received in the first four months.

Project and asset updates

• Preparations are underway for drilling appraisal and infill wells at TGT and CNV in Vietnam, with rig contracts secured.

• 3D seismic reprocessing on Vietnam assets is ongoing, expected to complete in Q3 2025.

• Application for a two-year PSC extension for Blocks 125 & 126 in Vietnam is well advanced; farm-out partner search continues.

• In Egypt, a new development lease for El Fayum was submitted after a commercial discovery; a two-well drilling program is planned for 2H 2025.

• Positive progress on consolidating El Fayum and NBS concessions, with ongoing negotiations following a February MOU.

Financial and strategic outlook

• Forecast full-year cash capex narrowed to $33–40 million, with an additional $17 million expected in early 2026.

• About 12% of forecast production from June–December 2025 is hedged, with floor and ceiling prices at $63.3/bbl and $83.6/bbl.

• Board is actively reviewing opportunities to expand the asset base for scale and shareholder returns.

• Strategic focus remains on growth, scale, and attractive returns, targeting meaningful production growth in 2026 and beyond.