Interim Results 2021 Pharos Energy 15 September 2021
Introduction Ed Story President & CEO
Pharos Energy 2021 Interim Results 15 September 2021 / 4 Highlights Farm-out of 55% interest in El Fayum and North Beni Suef to IPR (Improved Petroleum Recovery), a Dallas- based private company founded by Dr. Mahmoud Dabbous 40 years…
Farm-out Jann Brown Managing Director
Pharos Energy 2021 Interim Results 15 September 2021 / 6 Farmout of El Fayum and North Beni Suef Sale of a 55% working interest and operatorship in each of El Fayum and North Beni Suef Concessions to IPR Lake Qarun Petroleum Co, a…
Pharos Energy 2021 Interim Results 15 September 2021 / 7 Key Conditions Precedent of the Transaction Waiver of EGPC of its pre-emption rights in relation to the Transaction Receipt of EGPCs approval of the draft Deeds of Assignment…
Pharos Energy 2021 Interim Results 15 September 2021 / 8 Farmout Forward Indicative Timeline Timing of EGPC approvals will run in parallel with the Pharos shareholder approval process. 2021 2022 September October November December…
A sustainable business Jann Brown Managing Director
Pharos Energy 2021 Interim Results 15 September 2021 / 10 Operating a sustainable business Responsibility Framework Environment Society Business Ethics People 34 kg CO2e /bbl of oil 261,000 community and 100% Zero Lost Time…
Financial review Sue Rivett Chief Financial Officer
Pharos Energy 2021 Interim Results 15 September 2021 / 12 1H 2021 Financial summary(1) Revenue before hedging Production Hedging loss Net Debt gain/loss 9,147 boepd 73m 14m 33m 24% 9% 24% 1H 2020: 12,093 boepd 1H 2020: 59m 1H…
Pharos Energy 2021 Interim Results 15 September 2021 / 13 Capex and liquidity management Capital discipline Protecting Group liquidity Capex Flexibility Onshore low cost wells in Egypt compliment offshore higher costs wells in Vietnam…
Pharos Energy 2021 Interim Results 15 September 2021 / 14 Cash sources and uses Cash Flow as at 30 June 2021 1H 2021 Capex m 40 TGT 1.6m CNV 30 Capex 0.3m Spend 125 & 126 0.1 10.9 EGYPT 0.8m 20 9.5 8.3 4.2 1.8 5.3m 9.5m Israel…
Pharos Energy 2021 Interim Results 15 September 2021 / 15 Full year Capex Full year 2021 Capex forecast Capex underway including discretionary spend Vietnam TGT FFDP programme fully funded from cash flow Post-capex free cash flow by…
Asset overview Mike Watts Managing Director
Pharos Energy 2021 Interim Results 15 September 2021 / 17 Pharos assets Production from TGT and CNV fields offshore Vietnam and the El Fayum fields onshore Egypt Vietnam Egypt & Israel Offshore Israel Blocks 125 & 126 TGT &…
Vietnam
Pharos Energy 2021 Interim Results 15 September 2021 / 19 Vietnam TGT & CNV Production Cuu Long Basin - TGT and CNV Fields Phu Khanh Basin - Blocks 125 &126 1H 2021 Production net 5,429 boepd 70% W.I. and TGT field Operator of 1H 2021…
Pharos Energy 2021 Interim Results 15 September 2021 / 20 TGT Infill Development & Well Intervention Programme Implementation of the full TGT infill development well programme, is expected to increase gross field production by 5-6,000…
Pharos Energy 2021 Interim Results 15 September 2021 / 21 TGT-H4-34P Development Well Results Seismic Line along TGT-H4-34P well bore H4-34P well result H5-12XPST Perforation strategy Phase 1A: Perforate and carry out flow test…
Pharos Energy 2021 Interim Results 15 September 2021 / 22 Block 125 3D Seismic Screenshot from Vessel 27 June 2021 Completion of 3D seismic acquisition July 2021 3D covers multiple prospects & leads identified on 2D seismic Data…
Pharos Energy 2021 Interim Results 15 September 2021 / 23 Value Catalysts Vietnam 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 TGT Development wells First 4 infill wells 2 wells * TGT Well Intervention Programme Routine reservoir…
Egypt
Pharos Energy 2021 Interim Results 15 September 2021 / 25 Egypt El Fayum and North Beni Suef 2021 Production 2021 Activity 1H 2021 Production net Significant improvement in concession agreement terms agreed with EGPC to accelerate 3,718…
Pharos Energy 2021 Interim Results 15 September 2021 / 26 2021 Operations Phase 1B waterflood programme Batran oil discovery 2Q 2021 Interim Development Drilling Key to 9 month programme Wells to be completed as water injectors 3 well…
Pharos Energy 2021 Interim Results 15 September 2021 / 27 El Fayum & NBS Growth Potential El Fayum 2P Reserves & Discovered Resource 23 mmbls produced as of 30 June 2020 41 mmbls remaining (45mmbbls with term extension) 48 mmbls…
Pharos Energy 2021 Interim Results 15 September 2021 / 28 Value Catalysts Egypt 2021 2022 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 Farm-out process and execution Pressure support / H2O injection Phase 1B Phase 2 dependent on…
Outlook Ed Story President & CEO
Pharos Energy 2021 Interim Results 15 September 2021 / 30 Outlook Operational Strategic Vietnam Corporate TGT & CNV Eyes on optimising the development prize The end of the TGT development spend and the carry on El Fayum set to…
Pharos Energy 2021 Interim Results 15 September 2021 / 31 Conclusion Restructuring of the A smaller but more company will continue financially resilient post the Egypt farm-out business post the downturn Far East focus Focus on…
Q&A
Investor Relations Pharos Energy Tel: 020 7747 2000 27/28 Eastcastle Street London W1W 8DH United Kingdom Company No: 3300821 www.pharos.energy
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