License Extensions in Vietnam and Egypt
Secured license extensions for two producing fields in Vietnam until end of 2027 and successfully agreed new fiscal terms in Egypt, resulting in improved economics and additional time on licenses.
Debt-Free Status and Financial Flexibility
Pharos Energy remains debt-free with a net cash position of $22.6 million, allowing for a fully funded capital investment program from internally generated cash flow.
Committed Shareholder Returns
Announced a 10% increase in the dividend, maintaining the commitment to shareholder returns despite market challenges.
Largest Investment Campaign in Vietnam
Initiated a 6-well drilling campaign in Vietnam, the largest investment since the original development, aimed at delivering additional value and production growth.