TIDMPHAR

Pharos Energy PLC

10 August 2023

 
Initiating coverage: Back to growth 
 Like the rest of the industry, Pharos Energy was impacted by the Covid-induced collapse in 
 the oil price, at a time when the company was heavily investing in Egypt. Net debt rose to 
 US$57.5m at end-FY21. However, management has farmed out 55% of its Egyptian assets and put 
 through significant cost-cutting measures, reducing debt to a more modest level of c.US$16m 
 at the end of June 2023. Pharos is now in a position to restart returning cash to shareholders 
 (via a dividend and buyback) and we believe it is set to increase investment, including commitment 
 exploration, which should be a significant driver of shareholder value.

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August 10, 2023 02:37 ET (06:37 GMT)

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