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>Production from January to April 2025 was 5,757 boe/d, comprising 4,216 boe/d from Vietnam and 1,541 bbl/d from Egypt.</li>
<li>This is consistent with the FY25 production guidance of 5.0-6.2 mboe/d, which has been reaffirmed.</li>
<li>In Egypt, receivables increased from US$29.5 million at year-end 2024 to US$31.7 mm by the end of April.</li>
</ul>


Production from January to April 2025 was 5,757 boe/d, comprising 4,216 boe/d from Vietnam and 1,541 bbl/d from Egypt.
This is consistent with the FY25 production guidance of 5.0-6.2 mboe/d, which has been reaffirmed.
In Egypt, receivables increased from US$29.5 million at year-end 2024 to US$31.7 mm by the end of April.


Pharos Energy Plc (LSE: PHAR): High impact drilling in Vietnam in 4Q25. Lower capex than expected.

<ul>
<li>FY24 production and YE24 net cash have already been reported.</li>
<li>The FY25 production guidance of 5.0-6.2 mboe/d is unchanged.</li>
<li>However the highlight of the press release is the upcoming programme in Vietnam.</li>
</ul>


FY24 production and YE24 net cash have already been reported.
The FY25 production guidance of 5.0-6.2 mboe/d is unchanged.
However the highlight of the press release is the upcoming programme in Vietnam.


Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam

<ul>
<li>Pharos and IPR have signed a non-binding MOU with EGPC to use their best efforts to conclude negotiations for the merger of the El Fayum and North Beni Suef Concession Agreements.</li>
<li>While there is limited information at this stage, this is an important step that would unlock further investment through better fiscal terms and longer licence duration.</li>
<li>The El-Fayum licence has a current expiry date of 2034 (including a 5 year extension), with 9 years remaining.</li>
</ul>


Pharos and IPR have signed a non-binding MOU with EGPC to use their best efforts to conclude negotiations for the merger of the El Fayum and North Beni Suef Concession Agreements.
While there is limited information at this stage, this is an important step that would unlock further investment through better fiscal terms and longer licence duration.
The El-Fayum licence has a current expiry date of 2034 (including a 5 year extension), with 9 years remaining.


Pharos Energy Plc (LSE: PHAR): MOU with EGPC in Egypt to improve terms and licence duration

<ul>
<li>FY24 production was 5,801 boe/d including, 1,440 bbl/d in Egypt and 4,361 boe/d in Vietnam.</li>
<li>This is in line with expectations.</li>
<li>The FY25 production guidance has been set at 5.0-6.2 mboe/d, including 3.6-4.6 mboe/d in Vietnam and 1.4-1.6 mboe/d.</li>
</ul>


FY24 production was 5,801 boe/d including, 1,440 bbl/d in Egypt and 4,361 boe/d in Vietnam.
This is in line with expectations.
The FY25 production guidance has been set at 5.0-6.2 mboe/d, including 3.6-4.6 mboe/d in Vietnam and 1.4-1.6 mboe/d.


Pharos Energy Plc: FY24 in Line. All Eyes on Vietnam Drilling and Licence Consolidation in Egypt

<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

United Kingdom

Pharos Energy PLC is an independent oil and gas exploration and production company. The Company focuses on growth and returns to stakeholders, headquartered in London and listed on the London Stock Exchange. Pharos Energy has production, development, and exploration interests in Egypt, Israel, and Vietnam.

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Pharos Energy (PHAR LN)

Pharos Energy Plc (LSE: PHAR): High impact drilling in Vietnam in 4Q25. Lower capex than expected.

Production from January to April 2025 was 5,757 boe/d, comprising 4,216 boe/d from Vietnam and 1,541 bbl/d from Egypt.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam

FY24 production and YE24 net cash have already been reported. The FY25 production guidance of 5.0-6.2 mboe/d is unchanged.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): MOU with EGPC in Egypt to improve terms and licence duration

Pharos and IPR have signed a non-binding MOU with EGPC to use their best efforts to conclude negotiations for the merger of the El Fayum and North...

Auctus Advisors

Pharos Energy Plc: FY24 in Line. All Eyes on Vietnam Drilling and Licence Consolidation in Egypt

FY24 production was 5,801 boe/d including, 1,440 bbl/d in Egypt and 4,361 boe/d in Vietnam. This is in line with expectations.

Auctus Advisors

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

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