Buy Or Sell Opportunity • May 06
Now 20% undervalued Over the last 90 days, the stock has risen 26% to UK£0.27. The fair value is estimated to be UK£0.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Announcement • Apr 26
Pharos Energy plc, Annual General Meeting, May 21, 2026 Pharos Energy plc, Annual General Meeting, May 21, 2026. Location: the offices of peel hunt llp, 100 liverpool street, ec2m 2at, london United Kingdom Buy Or Sell Opportunity • Apr 15
Now 20% undervalued Over the last 90 days, the stock has risen 31% to UK£0.28. The fair value is estimated to be UK£0.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 31
Now 24% undervalued Over the last 90 days, the stock has risen 29% to UK£0.27. The fair value is estimated to be UK£0.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 39% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 39% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (121% payout ratio). Declared Dividend • Mar 27
First half dividend of UK£0.0093 announced Shareholders will receive a dividend of UK£0.0093. Ex-date: 11th June 2026 Payment date: 17th July 2026 Dividend yield will be 4.8%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (121% earnings payout ratio). However, it is well covered by cash flows (37% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 34% to bring the payout ratio under control. EPS is expected to grow by 160% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Major Estimate Revision • Jan 23
Consensus EPS estimates fall by 154% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.0008 to -US$0.002 per share. Revenue forecast unchanged at US$111.7m. Oil and Gas industry in the United Kingdom expected to see average net income growth of 15% next year. Consensus price target down from UK£0.50 to UK£0.49. Share price was steady at UK£0.21 over the past week. Major Estimate Revision • Jan 06
Consensus EPS estimates fall from profit to US$0.0008 loss The consensus outlook for fiscal year 2025 has been updated. Expected to report loss instead of -US$0.0008 instead of US$0.008 per share profit previously forecast. Revenue forecast unchanged at US$112.3m Oil and Gas industry in the United Kingdom expected to see average net income growth of 18% next year. Consensus price target broadly unchanged at UK£0.50. Share price rose 3.8% to UK£0.21 over the past week. Major Estimate Revision • Dec 11
Consensus EPS estimates fall by 90% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$118.8m to US$113.0m. EPS estimate also fell from US$0.081 per share to US$0.008 per share. Net income forecast to grow 302% next year vs 19% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£0.50. Share price was steady at UK£0.20 over the past week. Announcement • Oct 22
Pharos Energy plc Announces Commencement of Vietnam Drilling Programme Pharos Energy plc provided an update on its drilling activities in Vietnam. The company announced that its six-well infill and appraisal drilling programme in Vietnam has now commenced, starting with the first infill well on the TGT Field targeting the H1 fault block. company has the balance sheet strength to fully fund this programme. The programme, which includes four TGT wells and two CNV wells, will employ two drilling rigs, GunnLod and Thor. Drilling operations on TGT will be completed using the GunnLod Drilling Rig, and CNV using Thor Drilling Rig. On TGT, it is expected to take 28 days to drill and complete the H1 infill well. The GunnLod Rig will then move location to drill the H5 infill well. Depending on the weather window, drilling of the TGT-18X appraisal well, targeting the block's untapped western area, is scheduled to commence in early December and will take around 40 days to complete before the rig can begin drilling the final TGT infill well in the sequence, TGT-H4. Drilling operations on the four TGT wells are expected to finish in 1H 2026. On CNV, the Thor Drilling Rig is expected to mobilise in early November, and drilling operations are scheduled to commence in mid-November, starting with the CNV-8P infill well which is expected to take 90 days. Drilling of the second and final CNV well, the CNV-5X appraisal well intended to unlock the potential of the northern part of the field, is expected to start in mid-February and is estimated to take 108 days to complete. The CNV drilling programme is also expected to be completed by mid-2026. All six wells can be brought immediately onto production as they are drilled from existing facilities. In a success case, company could see material incremental volumes from current production levels and a de-risking of additional development opportunities. Further updates will provided in due course. Reported Earnings • Sep 28
First half 2025 earnings: EPS misses analyst expectations First half 2025 results: US$0.007 loss per share (down from US$0.036 profit in 1H 2024). Revenue: US$61.7m (up 2.7% from 1H 2024). Net loss: US$2.80m (down 118% from profit in 1H 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Declared Dividend • Sep 26
First half dividend of UK£0.004 announced Shareholders will receive a dividend of UK£0.004. Ex-date: 18th December 2025 Payment date: 21st January 2026 Dividend yield will be 5.7%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio). However, it is well covered by cash flows (37% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 26% to bring the payout ratio under control. EPS is expected to grow by 176% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Sep 24
Pharos Energy plc Announces Interim Dividend for the Year Ending December 31, 2025, Payable on January 21, 2026 Pharos Energy plc announced an interim dividend of 0.3993 pence per share, $2.3 million equivalent, for the year ended 31 December 2025. This dividend will be paid on 21 January 2026 to shareholders on the Company's register of members on 19 December 2025. Announcement • Jul 17
Pharos Energy plc to Report First Half, 2025 Results on Sep 24, 2025 Pharos Energy plc announced that they will report first half, 2025 results on Sep 24, 2025 Announcement • Jun 26
Pharos Energy plc Announces Board Changes Pharos Energy plc announced the appointment of João Saraiva e Silva as Non-Executive Chair with effect from June 26, 2025, succeeding John Martin who announced he would be stepping down from the Board at the Company's recent AGM. Based in London, João is an experienced energy professional with over 25 years of expertise in private equity and investment banking. He is currently a Partner with Pamplona Capital Management, overseeing business development and portfolio management initiatives across Europe. João began his career with Goldman Sachs in London, advising major energy clients on high-profile M&A and financing transactions. He later transitioned into principal investing, holding senior leadership roles including Head of Energy & Infrastructure Investments for EMEA and Asia-Pacific at Och-Ziff Capital Management, Managing Director at Carlyle's $2.5bn International Energy Partners fund, Partner and Head of Investments at L1 Energy and Investment Director at Seatankers. João received his degree in Economics from the Nova University in Lisbon, Portugal in 1999. He is currently a Non-Executive Director on the Board of BlueNord ASA. He is also a former Non-Executive Director of Flex LNG and Northern Ocean Limited. João will serve as Chair of Pharos' Nominations and ESG Committees upon his appointment. Announcement • May 22
Pharos Energy plc Approves Final Dividend Pharos Energy plc announced that at its Annual General Meeting held on 22 May 2025, approved to declare a final dividend of 0.847 pence per share. Major Estimate Revision • May 16
Consensus EPS estimates increase by 67% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from US$0.012 to US$0.02. Revenue forecast unchanged at US$119.4m. Net income forecast to shrink 13% next year vs 17% growth forecast for Oil and Gas industry in the United Kingdom . Consensus price target broadly unchanged at UK£0.43. Share price fell 3.4% to UK£0.20 over the past week. Announcement • Apr 28
Pharos Energy plc, Annual General Meeting, May 22, 2025 Pharos Energy plc, Annual General Meeting, May 22, 2025. Location: the office of peel hunt llp, 100 liverpool street, ec2m 2at, london United Kingdom Announcement • Apr 23
Mohamed Sayed Steps Down as Chief Operating Officer of Pharos Energy plc Pharos Energy plc announces that Mohamed Sayed, Chief Operating Officer and a PDMR, has stepped down after more than six years' service with the Company. Mohamed originally joined the Company following its acquisition of Merlon Petroleum El Fayum Company in April 2019. Recent Insider Transactions Derivative • Apr 11
CFO & Director exercised options and sold UK£119k worth of stock On the 4th of April, Susan Rivett exercised options to acquire 563k shares at no cost and sold these for an average price of UK£0.21 per share. This trade did not impact their existing holding. Since June 2024, Susan's direct individual holding has increased from 376.94k shares to 1.79m. Company insiders have collectively sold UK£327k more than they bought, via options and on-market transactions in the last 12 months. New Risk • Apr 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£77.6m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 55% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (UK£77.6m market cap, or US$99.9m). Announcement • Mar 28
Pharos Energy plc Proposes Final Dividend for the Year Ended 31 December 2024, Payable on 18 July 2025 Pharos Energy plc proposed final dividend for the year ended 31 December 2024 of 0.847 pence per share takes the 2024 full-year dividend to 1.21 pence per share, in excess of the minimum 10% of Operating Cash Flow (OCF) per the Company's dividend policy and 10% higher than prior year. The proposed final dividend of 0.847 pence per share ($4.4 million) in respect of the year ended 31 December 2024 is payable on 18 July 2025 to all shareholders on the register at the close of business on 13 June 2025, subject to approval at the Company's AGM in May 2025. Declared Dividend • Mar 28
Final dividend of UK£0.0085 announced Shareholders will receive a dividend of UK£0.0085. Ex-date: 12th June 2025 Payment date: 18th July 2025 Dividend yield will be 5.6%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 81% over the next 3 years. Since a fall of 70% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Mar 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$0.057 (up from US$0.11 loss in FY 2023). Revenue: US$136.0m (down 14% from FY 2023). Net income: US$23.6m (up US$72.4m from FY 2023). Profit margin: 17% (up from net loss in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to decline by 13% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to UK£0.19. The fair value is estimated to be UK£0.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.9% average weekly change). New Risk • Feb 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risk Paying a dividend despite being loss-making. New Risk • Dec 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.5% average weekly change). Significant insider selling over the past 3 months (UK£108k sold). Recent Insider Transactions • Oct 27
CFO & Director recently sold UK£108k worth of stock On the 23rd of October, Susan Rivett sold around 480k shares on-market at roughly UK£0.23 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Susan has been a net seller over the last 12 months, reducing personal holdings by UK£97k. Reported Earnings • Sep 22
First half 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2024 results: EPS: US$0.036 (up from US$0.033 loss in 1H 2023). Revenue: US$60.1m (down 25% from 1H 2023). Net income: US$15.3m (up US$29.6m from 1H 2023). Profit margin: 26% (up from net loss in 1H 2023). Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) exceeded analyst estimates. Revenue is expected to fall by 7.5% p.a. on average during the next 3 years compared to a 1.0% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Declared Dividend • Sep 20
First half dividend of UK£0.0036 announced Shareholders will receive a dividend of UK£0.0036. Ex-date: 19th December 2024 Payment date: 22nd January 2025 Dividend yield will be 4.6%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (16% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Announcement • May 03
Pharos Energy plc Announces Retirement of Marianne Daryabegui from the Board of Directors Pharos Energy plc announced that Marianne Daryabegui, independent Non-Executive Director, will retire from the Board of Directors of Pharos at the conclusion of the Company's upcoming annual general meeting on 23 May 2024. Reported Earnings • Apr 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$0.11 loss per share (down from US$0.056 profit in FY 2022). Revenue: US$157.4m (down 15% from FY 2022). Net loss: US$48.8m (down 300% from profit in FY 2022). Oil reserves Proven reserves: 13.1 MMbbls Gas reserves Proven reserves: 6 Bcf Combined production Oil equivalent production: 2.3 MMboe Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to fall by 3.2% p.a. on average during the next 2 years compared to a 1.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Apr 28
Pharos Energy plc, Annual General Meeting, May 23, 2024 Pharos Energy plc, Annual General Meeting, May 23, 2024, at 13:00 Coordinated Universal Time. Location: Storey Club, 100 Liverpool Street London United Kingdom Agenda: To Receive the Annual Report and Accounts; to Declare a Dividend; to approval of the Directors' Remuneration Report; to approve the Reappointment of Directors; to consider the Appointment of Auditor; to approve the Auditor's Remuneration; to approve the Directors' Authority to Allot Securities; to discuss the Disapplication of Pre-Emption Rights; to approve the Authority for the Company to Buy Back Shares; to approve the Notice Period for General Meetings;. Reported Earnings • Mar 28
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$0.11 loss per share (down from US$0.056 profit in FY 2022). Revenue: US$167.9m (down 8.9% from FY 2022). Net loss: US$48.8m (down 300% from profit in FY 2022). Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to fall by 4.8% p.a. on average during the next 2 years compared to a 1.5% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jan 17
Pharos Energy plc to Report Fiscal Year 2023 Results on Mar 27, 2024 Pharos Energy plc announced that they will report fiscal year 2023 results on Mar 27, 2024 Announcement • Jan 16
Pharos Energy plc Announces Appointment of Bill Higgs as Non-Executive Director Pharos Energy plc is delighted to announce the appointment of Dr. Bill Higgs as an Independent Non-Executive Director with immediate effect. Bill has over 30 years of global exploration, development and operations experience, including more than 10 years in executive roles for listed independent exploration and production companies. He is a qualified geologist with extensive expertise in all engineering and other technical and commercial aspects of hydrocarbon exploration, development and production. Most recently, Bill was Chief Executive Officer of Genel Energy between 2019 and 2022, having served as Chief Operating Officer from 2017. Preceding his roles at Genel, Bill was Chief Operating Officer for Ophir Energy plc, responsible for managing the global asset portfolio. Before that he served as Chief Executive Officer of Mediterranean Oil and Gas, overseeing the successful sale of the company in 2014. Bill began his industry career at Chevron, spending 23 years across a number of global roles. In parallel with this appointment, Bill will continue his role as Chairman of Chappal Energies Mauritius Limited, a West Africa-focussed energy company that has recently embarked on building a portfolio of upstream assets. Bill will serve as a member of the ESG Committee, with further committee assignments to be discussed at the next scheduled meeting of the Board. Bill will also be the Board representative with responsibility for oversight of the Group's technical work and output. Announcement • Dec 06
Pharos Energy plc Declares Interim Dividend in Relation to the Financial Year Ending 31 December 2023, Payable on 24 January 2024 The Board of Pharos Energy plc announced that it has resolved to declare and pay an interim dividend in relation to the financial year ending 31 December 2023 of 0.33 pence per ordinary share, amounting to approximately $1.8 million. Ex-dividend date: 21 December 2023. Record date: 22 December 2023. Payment date: 24 January 2024. Reported Earnings • Sep 17
First half 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First half 2023 results: US$0.033 loss per share (down from US$0.12 profit in 1H 2022). Revenue: US$79.9m (down 23% from 1H 2022). Net loss: US$14.3m (down 126% from profit in 1H 2022). Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to fall by 3.7% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jul 23
Pharos Energy plc to Report First Half, 2023 Results on Sep 13, 2023 Pharos Energy plc announced that they will report first half, 2023 results on Sep 13, 2023 Major Estimate Revision • Jul 11
Consensus EPS estimates fall by 69% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$165.5m to US$157.6m. EPS estimate also fell from US$0.0262 per share to US$0.008 per share. Net income forecast to shrink 86% next year vs 30% decline forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£0.37. Share price fell 2.6% to UK£0.22 over the past week. New Risk • Jun 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 30% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 30% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jun 08
Upcoming dividend of UK£0.01 per share at 4.4% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 12 July 2023. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (6.3%). Announcement • May 26
Pharos Energy plc Approves to Declare A Final Dividend Pharos Energy plc's AGM, held on May 25, 2023, approved to declare a final dividend of 1 pence per share. Major Estimate Revision • Apr 14
Consensus EPS estimates fall by 27% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$0.056 to US$0.041 per share. Revenue forecast steady at US$174.6m. Net income forecast to grow 2.5% next year vs 22% growth forecast for Oil and Gas industry in the United Kingdom. Consensus price target broadly unchanged at UK£0.38. Share price was steady at UK£0.24 over the past week. Reported Earnings • Mar 22
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$0.056 (up from US$0.011 loss in FY 2021). Revenue: US$184.4m (up 49% from FY 2021). Net income: US$24.4m (up US$29.1m from FY 2021). Profit margin: 13% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is expected to fall by 9.6% p.a. on average during the next 3 years compared to a 4.8% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jan 12
Pharos Energy plc Provides Production Guidance for the Year 2023 Pharos Energy plc provided production guidance for the year 2023. For the period, the company expects production to be in the range of 6,050 boepd net - 7,500 boepd net. Reported Earnings • Sep 15
First half 2022 earnings released: EPS: US$0.12 (vs US$0.015 in 1H 2021) First half 2022 results: EPS: US$0.12 (up from US$0.015 in 1H 2021). Revenue: US$103.5m (up 89% from 1H 2021). Net income: US$54.3m (up US$47.9m from 1H 2021). Profit margin: 53% (up from 12% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 3.7% p.a. on average during the next 3 years compared to a 7.2% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$0.011 loss per share (up from US$0.55 loss in FY 2020). Revenue: US$124.0m (down 8.1% from FY 2020). Net loss: US$4.70m (loss narrowed 98% from FY 2020). Oil reserves and sales price Proven reserves: 27.2 MMbbls Average sales price/bbl (hedged): US$72.61 Gas reserves Proven reserves: 10.8 Bcf Combined production and costs Oil equivalent production: 3.2 MMboe Average production cost/Boe: US$16.05 (US$11.60/Boe in FY 2020) Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 72%. Over the next year, revenue is forecast to grow 62%, compared to a 46% growth forecast for the oil industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 29% per year. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: US$0.011 loss per share (up from US$0.55 loss in FY 2020). Revenue: US$134.1m (flat on FY 2020). Net loss: US$4.70m (loss narrowed 98% from FY 2020). Oil reserves and sales price Proven reserves: 27.2 MMbbls Average sales price/bbl (hedged): US$72.61 Gas reserves Proven reserves: 10.8 Bcf Combined production and costs Oil equivalent production: 3.2 MMboe (4.2 MMboe in FY 2020) Average production cost/Boe: US$16.05 (US$11.60/Boe in FY 2020) Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 72%. Over the next year, revenue is forecast to grow 81%, compared to a 32% growth forecast for the oil industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year and the company’s share price has also fallen by 27% per year. Recent Insider Transactions Derivative • Jan 15
MD & Director exercised options and sold UK£51k worth of stock On the 13th of January, Michael Watts exercised options to acquire 206k shares at no cost and sold these for an average price of UK£0.25 per share. This trade did not impact their existing holding. Since March 2021, Michael has owned 851.53k shares directly. Company insiders have collectively bought UK£10k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jan 15
MD & Director recently bought UK£95k worth of stock On the 13th of January, Janice Brown bought around 382k shares on-market at roughly UK£0.25 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Major Estimate Revision • Dec 09
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$148.8m to US$141.6m. 2021 losses expected to reduce from -US$0.017 to -US$0.007 per share. Oil and Gas industry in the United Kingdom expected to see average net income growth of 34% next year. Consensus price target broadly unchanged at UK£0.45. Share price was steady at UK£0.22 over the past week. Reported Earnings • Sep 16
First half 2021 earnings released: EPS US$0.015 (vs US$0.71 loss in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: US$54.8m (down 30% from 1H 2020). Net income: US$6.40m (up US$274.7m from 1H 2020). Profit margin: 12% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Director Sue Rivett was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Feb 25
New 90-day high: UK£0.21 The company is up 30% from its price of UK£0.17 on 27 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.37 per share. Is New 90 Day High Low • Jan 13
New 90-day high: UK£0.21 The company is up 96% from its price of UK£0.11 on 15 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.41 per share. Is New 90 Day High Low • Jan 08
New 90-day high: UK£0.20 The company is up 74% from its price of UK£0.12 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.42 per share. 