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>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

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).</li><li>Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.</li><li>The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.

<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.


<ul>
<li>Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt.</li>
<li>Pharos expects FY25 production to be broadly similar, in line with guidance of 5.2–6.0 mboe/d.</li>
<li>The TGT‑H1 infill well was brought onstream on 20 November.</li>
</ul>


Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt.
Pharos expects FY25 production to be broadly similar, in line with guidance of 5.2–6.0 mboe/d.
The TGT‑H1 infill well was brought onstream on 20 November.


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): 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

AUCTUS ON FRIDAY - 15.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper...

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

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

Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt.

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

AUCTUS ON FRIDAY - 15.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper...

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

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

Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt.

Auctus Advisors

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).