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>• Ratio Petroleum has made a cash offer of £0.230683 per Pharos share.</li><li>In addition, Pharos shareholders will receive a special dividend of £0.04 per share.</li><li>• The Pharos board has unanimously recommended the transaction, and Ratio has secured irrevocable undertakings representing ~41.76% of the issued share capital.</li></ul>

• Ratio Petroleum has made a cash offer of £0.230683 per Pharos share.In addition, Pharos shareholders will receive a special dividend of £0.04 per share.• The Pharos board has unanimously recommended the transaction, and Ratio has secured irrevocable undertakings representing ~41.76% of the issued share capital.

Pharos Energy Plc (LSE: PHAR): Take-over offer by Ratio Petroleum

<ul>
<li>All outstanding historic overdue receivables in Egypt have now been settled.</li>
<li>As at 30 April, the receivable balance stood at ~US$7 mm.</li>
<li>Year‑to‑date collections total US$12.6 mm, including US$3.8 mm received in the past week, on top of the US$20 mm collected at YE25.</li>
</ul>


All outstanding historic overdue receivables in Egypt have now been settled.
As at 30 April, the receivable balance stood at ~US$7 mm.
Year‑to‑date collections total US$12.6 mm, including US$3.8 mm received in the past week, on top of the US$20 mm collected at YE25.


Pharos Energy Plc (LSE: PHAR): All Overdue Receivables in Egypt Cleared. Returning to Drilling.

<ul>
<li>2025 WI production averaged 5,561 boe/d to end-April, comprising 4,492 boe/d from Vietnam and 1,069 bbl/d from Egypt.</li>
<li>Three infill wells at TGT (Vietnam) are now onstream, delivering gross initial production (IP) rates of 1,700 boe/d, 600 boe/d and 1,400 boe/d.</li>
<li>The combined current production of ~2,800 boe/d (830 boe/d net to Pharos) is in line with expectations.</li>
</ul>


2025 WI production averaged 5,561 boe/d to end-April, comprising 4,492 boe/d from Vietnam and 1,069 bbl/d from Egypt.
Three infill wells at TGT (Vietnam) are now onstream, delivering gross initial production (IP) rates of 1,700 boe/d, 600 boe/d and 1,400 boe/d.
The combined current production of ~2,800 boe/d (830 boe/d net to Pharos) is in line with expectations.


Pharos Energy Plc (LSE: PHAR): Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

<ul>
<li>FY25 production and YE25 net cash figures had been previously disclosed.</li>
<li>Pharos has reaffirmed its FY26 production guidance of 5.2–6.4 mboe/d, with a US$50 mm capex programme (79% Vietnam / 21% Egypt).</li>
<li>Vietnam is expected to contribute 4,000–4,950 boe/d, depending on the outcome of the ongoing drilling campaign.</li>
</ul>


FY25 production and YE25 net cash figures had been previously disclosed.
Pharos has reaffirmed its FY26 production guidance of 5.2–6.4 mboe/d, with a US$50 mm capex programme (79% Vietnam / 21% Egypt).
Vietnam is expected to contribute 4,000–4,950 boe/d, depending on the outcome of the ongoing drilling campaign.


Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

<ul>
<li>FY25 production averaged 5,398 boe/d, comprising 4,095 boe/d from Vietnam and the balance from Egypt.</li>
<li>This is consistent with the 5,391 boe/d reported in November and within the 5.2–6.0 mboe/d guidance range.</li>
<li>Two infill wells, TGT H1 and TGT H5, are now onstream and performing in line with expectations.</li>
</ul>


FY25 production averaged 5,398 boe/d, comprising 4,095 boe/d from Vietnam and the balance from Egypt.
This is consistent with the 5,391 boe/d reported in November and within the 5.2–6.0 mboe/d guidance range.
Two infill wells, TGT H1 and TGT H5, are now onstream and performing in line with expectations.


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): Take-over offer by Ratio Petroleum

• Ratio Petroleum has made a cash offer of £0.230683 per Pharos share. In addition, Pharos shareholders will receive a special dividend of £0.04...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): All Overdue Receivables in Egypt Cleared. Returning to Drilling.

All outstanding historic overdue receivables in Egypt have now been settled.As at 30 April, the receivable balance stood at ~US$7 mm.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

Three infill wells at TGT (Vietnam) are now onstream, delivering gross initial production (IP) rates of 1,700 boe/d, 600 boe/d and 1,400 boe/d.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

Pharos has reaffirmed its FY26 production guidance of 5.2–6.4 mboe/d, with a US$50 mm capex programme (79% Vietnam / 21% Egypt).

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

FY25 production averaged 5,398 boe/d, comprising 4,095 boe/d from Vietnam and the balance from Egypt. This is consistent with the 5,391 boe/d...

Auctus Advisors

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52-week Range

Market Cap (USDm)

P/E

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Pharos Energy Plc (LSE: PHAR): Take-over offer by Ratio Petroleum

• Ratio Petroleum has made a cash offer of £0.230683 per Pharos share. In addition, Pharos shareholders will receive a special dividend of £0.04...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): All Overdue Receivables in Egypt Cleared. Returning to Drilling.

All outstanding historic overdue receivables in Egypt have now been settled.As at 30 April, the receivable balance stood at ~US$7 mm.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

Three infill wells at TGT (Vietnam) are now onstream, delivering gross initial production (IP) rates of 1,700 boe/d, 600 boe/d and 1,400 boe/d.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

Pharos has reaffirmed its FY26 production guidance of 5.2–6.4 mboe/d, with a US$50 mm capex programme (79% Vietnam / 21% Egypt).

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Production boost expected by mid 2026

FY25 production averaged 5,398 boe/d, comprising 4,095 boe/d from Vietnam and the balance from Egypt. This is consistent with the 5,391 boe/d...

Auctus Advisors

All outstanding historic overdue receivables in Egypt have now been settled.As at 30 April, the receivable balance stood at ~US$7 mm.

Pharos has reaffirmed its FY26 production guidance of 5.2–6.4 mboe/d, with a US$50 mm capex programme (79% Vietnam / 21% Egypt).