Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul>
<li>The TGT and CNV licenses in Vietnam have been extended by five years, to December 2031 and December 2032, respectively.</li>
<li>In return, Pharos' working interest in the licenses is reduced from 30.5% to 25.3% for TGT and from 25% to 20% for CNV.</li>
<li>This extension is significant for Pharos as it unlocks approximately 5.7 mmboe of resources and immediately adds 0.8 mmboe of 2P reserves.</li>
</ul>


The TGT and CNV licenses in Vietnam have been extended by five years, to December 2031 and December 2032, respectively.
In return, Pharos' working interest in the licenses is reduced from 30.5% to 25.3% for TGT and from 25% to 20% for CNV.
This extension is significant for Pharos as it unlocks approximately 5.7 mmboe of resources and immediately adds 0.8 mmboe of 2P reserves.


Pharos Energy Plc (LSE: PHAR): Five year licence extension adds reserves and unlocks further potential upside

<ul>
<li>Production from January to the end of November 2024 was 5,760 boe/d. This is line with our expectations. </li>
<li>FY24 production is expected to be around the same level. This is in line with our forecasts and within the FY24 production guidance range of 5.2-6.5 mboe/d. </li>
<li>The new wells at TGT are also performing in line with expectations and production in Vietnam from January to the end of November was 4,324 boe/d. This is in line with our forecasts.</li>
</ul>


Production from January to the end of November 2024 was 5,760 boe/d. This is line with our expectations. 
FY24 production is expected to be around the same level. This is in line with our forecasts and within the FY24 production guidance range of 5.2-6.5 mboe/d. 
The new wells at TGT are also performing in line with expectations and production in Vietnam from January to the end of November was 4,324 boe/d. This is in line with our forecasts.


Pharos Energy Plc (LSE: PHAR): Delivering on Expectations. Continued Payments from EGPC

<ul>
<li>1H24 production of 5,851 boe/d had been reported previously.</li>
<li>Pharos has re-iterated its FY24 production guidance of 5.2-6.5 mboe/d.</li>
<li>The company expects to spend US$26 mm (net) capex in 2024 (US$27 mm previously).</li>
</ul>


1H24 production of 5,851 boe/d had been reported previously.
Pharos has re-iterated its FY24 production guidance of 5.2-6.5 mboe/d.
The company expects to spend US$26 mm (net) capex in 2024 (US$27 mm previously).


Pharos Energy Plc (LSE: PHAR): Very Strong Financials.

<ul>
<li>Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt.</li>
<li>This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt.</li>
<li>The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 &amp; 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well cost.</li>
</ul>


Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt.
This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt.
The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 &amp; 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well cost.


Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four months

<ul>
<li>FY23 production and YE23 net debt had already been reported.</li>
<li>Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.</li>
<li>In 2H24, Pharos plans to commence a two well drilling programme at TGT (Vietnam) and to start the development of NBS SW (Egypt).</li>
</ul>


FY23 production and YE23 net debt had already been reported.
Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.
In 2H24, Pharos plans to commence a two well drilling programme at TGT (Vietnam) and to start the development of NBS SW (Egypt).


Pharos Energy Plc (LSE: PHAR): Re-Iterating Guidance

United Kingdom

Pharos Energy is an independent oil and gas exploration and production company with a portfolio of production, development, and exploration assets. The company primarily operates in Vietnam and Egypt, focusing on delivering sustainable growth and returns. Pharos Energy was founded in 1997 and is headquartered in London, England.

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Pharos Energy (PHAR LN)

Pharos Energy Plc (LSE: PHAR): Five year licence extension adds reserves and unlocks further potential upside

The TGT and CNV licenses in Vietnam have been extended by five years, to December 2031 and December 2032, respectively.In return, Pharos' working...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Delivering on Expectations. Continued Payments from EGPC

Production from January to the end of November 2024 was 5,760 boe/d. This is line with our expectations. FY24 production is expected to be around...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Very Strong Financials.

1H24 production of 5,851 boe/d had been reported previously.Pharos has re-iterated its FY24 production guidance of 5.2-6.5 mboe/d.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four months

Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Re-Iterating Guidance

Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.

Auctus Advisors

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