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 the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt.</li>
<li>This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt.</li>
<li>The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 &amp; 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well cost.</li>
</ul>


Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt.
This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt.
The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 &amp; 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well cost.


Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four months

<ul>
<li>FY23 production and YE23 net debt had already been reported.</li>
<li>Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.</li>
<li>In 2H24, Pharos plans to commence a two well drilling programme at TGT (Vietnam) and to start the development of NBS SW (Egypt).</li>
</ul>


FY23 production and YE23 net debt had already been reported.
Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.
In 2H24, Pharos plans to commence a two well drilling programme at TGT (Vietnam) and to start the development of NBS SW (Egypt).


Pharos Energy Plc (LSE: PHAR): Re-Iterating Guidance

<ul>
<li>FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.</li>
<li>This includes 5,127 boe/d for Vietnam (guidance of 5.0-5.3 mboe/d) and 1,381 boe/d in Egypt (guidance of 1.35-1.45 mbbl/d).</li>
<li>While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).</li>
</ul>


FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.
This includes 5,127 boe/d for Vietnam (guidance of 5.0-5.3 mboe/d) and 1,381 boe/d in Egypt (guidance of 1.35-1.45 mbbl/d).
While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).


Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm

<ul><li>• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January.</li><li>The interim dividend represents ~33% of the final dividend of the previous year. • The company is also looking to commit a further US$3 mm to share buybacks in 2024 which will provide additional support to the share price.</li></ul>

• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January.The interim dividend represents ~33% of the final dividend of the previous year. • The company is also looking to commit a further US$3 mm to share buybacks in 2024 which will provide additional support to the share price.

Pharos Energy Plc (LSE: PHAR): More share buybacks and more dividends

<ul>
<li>1H23 production of 6,915 boe/d and net debt of US$16 mm at the end of June had already been reported.</li>
<li>As a result, Pharos anticipates FY23 WI production in Egypt of 1.35-1.45 mbbl/d, at the lower end of the previous guidance range (1.35-1.80 mbbl/d). </li>
<li>The FY23 cash capex guidance has been reduced from ~US$23 mm to US$13.2 mm with no cash capex in Egypt.</li>
</ul>


1H23 production of 6,915 boe/d and net debt of US$16 mm at the end of June had already been reported.
As a result, Pharos anticipates FY23 WI production in Egypt of 1.35-1.45 mbbl/d, at the lower end of the previous guidance range (1.35-1.80 mbbl/d). 
The FY23 cash capex guidance has been reduced from ~US$23 mm to US$13.2 mm with no cash capex in Egypt.


Pharos Energy Plc (LSE: PHAR): Net cash positive by YE23 and new growth opportunities

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pharos Energy Plc (LSE: PHAR): Net cash up by ~US$21.5 mm in four months

Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Re-Iterating Guidance

Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm

While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): More share buybacks and more dividends

• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January. The interim dividend represents ~33% of the final...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Net cash positive by YE23 and new growth opportunities

As a result, Pharos anticipates FY23 WI production in Egypt of 1.35-1.45 mbbl/d, at the lower end of the previous guidance range (1.35-1.80 mbbl/d).

Auctus Advisors