Pharos Energy (PHAR) Trading Update summary

Financial performance and balance sheet

• Achieved debt-free status after repaying all outstanding facilities in September 2024; cash balance at 30 November 2024 was approximately $18 million.

• Received $24 million in payments from EGPC year to date, with a remaining balance of $31.1 million as of 30 November 2024.

Production and operational activity

• Year-to-date average production reached 5,760 boepd net, aligning with annual guidance of 5,200 to 6,500 boepd.

• Successful drilling campaigns in both Vietnam and Egypt during the second half of 2024, with new wells already contributing to production.

Vietnam operations

• Completed a two-well infill drilling program at TGT in October, on time and under budget; both wells are producing at expected rates.

• Final approval stages for five-year licence extensions at TGT and CNV, enabling further investment.

• Ongoing discussions with potential partners and contractors for Blocks 125 & 126.

• Working interest production as of 30 November 2024 was 4,324 boepd net.