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An announcement from Pharos Energy ( (GB:PHAR) ) is now available.
Pharos Energy plc reported strong progress in 2024, highlighted by the extension of its producing licenses in Vietnam and successful drilling results in both Vietnam and Egypt. The company maintained stable production, generating consistent cash flows, which allowed it to repay legacy debt and increase the final dividend by 10%. With a debt-free balance sheet and $16.5 million in cash, Pharos is well-positioned to pursue growth opportunities. The company plans to focus on projects with high returns, including further development in Vietnam and a merger of its Egyptian concessions. The operational and financial achievements underscore Pharos’ strategic focus on sustainable growth and shareholder returns.
More about Pharos Energy
Pharos Energy plc is an independent energy company listed on the London Stock Exchange, focusing on sustainable growth and returns. It has production, development, and exploration interests in Egypt and Vietnam. In Egypt, Pharos holds a 45% working interest in the El Fayum Concession in the Western Desert and the North Beni Suef (NBS) Concession. In Vietnam, Pharos has a 30.5% working interest in Block 16-1, which contains the Te Giac Trang (TGT) field.
YTD Price Performance: 3.00%
Average Trading Volume: 6,153
Technical Sentiment Signal: Sell
Current Market Cap: $122.8M
For detailed information about PHAR stock, go to TipRanks’ Stock Analysis page.