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Preliminary Results 2019 – Pharos Energy

Pharos Energy · Mar 11, 2020 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Preliminary Results 2019 – Pharos Energy – slide 1
    Preliminary results 2019 Strong Flexible Low cost 11 March 2020
  2. Preliminary Results 2019 – Pharos Energy – slide 2
    Introduction Ed Story Chief Executive Officer
  3. Preliminary Results 2019 – Pharos Energy – slide 3
    Pharos Energy 2019 Preliminary results 11 March 2020 / 4 Pharos A resilient business Strong Balance Minimal Low breakeven Flexibility Sheet commitments price Net Debt to EBITDAX 2020 Vietnam breakeven price* Egypt breakeven price*…
  4. Preliminary Results 2019 – Pharos Energy – slide 4
    Pharos Energy 2019 Preliminary results 11 March 2020 / 5 2019 highlights Established Egypt Israel new core area Signed for eight offshore licenses in the prolific Eastern Acquired El Fayum Concession in MENA Mediterranean gas…
  5. Preliminary Results 2019 – Pharos Energy – slide 5
    A sustainable business Jann Brown Managing Director and Chief Financial Officer
  6. Preliminary Results 2019 – Pharos Energy – slide 6
    Pharos Energy 2019 Preliminary results 11 March 2020 / 7 Operating a sustainable business Responsibility framework Environment Society Business Ethics People 730,000 litres of diesel 400,0001 total training levy 99% 100% 100% of…
  7. Preliminary Results 2019 – Pharos Energy – slide 7
    Finance review Jann Brown Managing Director and Chief Financial Officer
  8. Preliminary Results 2019 – Pharos Energy – slide 8
    Pharos Energy 2019 Preliminary results 11 March 2020 / 9 2019 Financial highlights Production Revenue Cash Generated by Operations 12,136 boepd 189.7m(1,2) 113.2m (1) 67% 8.3% 12% 2018: 7,274 boepd 2018: 175.1m 2018: 101.2m…
  9. Preliminary Results 2019 – Pharos Energy – slide 9
    Pharos Energy 2019 Preliminary results 11 March 2020 / 10 2019 Cash flows Operating Cash Flow 72.3m 2019 Capex m 400 TGT 16.7m 300 72.3 63.4 Cash CNV Capex 0.6m EGYPT 200 63.4m 35.4m 153.1 125 & 126 240.1 10.0 9.9m 100…
  10. Preliminary Results 2019 – Pharos Energy – slide 10
    Pharos Energy 2019 Preliminary Results 11 March 2020 / 11 2019 Income Statement Revenue Stability through Hedging Provide continuity to underpin revenues and profitability RBL of 125m plus 125m accordion Protect RBL covenants plus…
  11. Preliminary Results 2019 – Pharos Energy – slide 11
    Pharos Energy 2019 Preliminary results 11 March 2020 / 12 Funding cycle Balance Maximising Sheet production Sustainable Growth Cash Flow Investing Growth from in our through Operations business developments Free Cash Flow…
  12. Preliminary Results 2019 – Pharos Energy – slide 12
    Pharos Energy 2019 Preliminary results 11 March 2020 / 13 Capital allocation goals 2020 Capex forecast Capital allocation Capex underway including discretionary spend NBS, Israel & Other 1.7m Generation of sustainable returns TGT…
  13. Preliminary Results 2019 – Pharos Energy – slide 13
    Egypt Mohamed Sayed Group Head of Technical
  14. Preliminary Results 2019 – Pharos Energy – slide 14
    Pharos Energy 2019 Preliminary results 11 March 2020 / 15 2019 Operational highlights Crude Off-take Safely changed the delivery point from Tebeen to Suez Identified several potential future pipeline tie-in options Continuous…
  15. Preliminary Results 2019 – Pharos Energy – slide 15
    Pharos Energy 2019 Preliminary results 11 March 2020 / 16 Value realisation - Greater Silah area and NBS 2019 - El Fayum YE2019 Reserves + 2C resources Greater Silah Area Average production 5,055 bopd(1) 2019 drilling included(1) -…
  16. Preliminary Results 2019 – Pharos Energy – slide 16
    Pharos Energy 2019 Preliminary results 11 March 2020 / 17 Waterflood Implementation Silah Field: 2019 Activities Silah Field: Notional 600m Spacing Waterflood rollout programme being optimised Initial results are encouraging - 5…
  17. Preliminary Results 2019 – Pharos Energy – slide 17
    Pharos Energy 2019 Preliminary results 11 March 2020 / 18 Technical Update Greater Silah Field Static Model New Wells Results Individual well results vary; overall consistent with expectation Positive results from North East Tersa…
  18. Preliminary Results 2019 – Pharos Energy – slide 18
    Pharos Energy 2019 Preliminary results 11 March 2020 / 19 Outlook Drilling and workover schedule 2020 New wells 1 well per rig per month 60% producers and 40% injectors Rig programme under review Focus on drilling new wells to Q2…
  19. Preliminary Results 2019 – Pharos Energy – slide 19
    Vietnam Mohamed Sayed Group Head of Technical
  20. Preliminary Results 2019 – Pharos Energy – slide 20
    Pharos Energy 2019 Preliminary results 11 March 2020 / 21 2019 Operational highlights Te Giac Trang (TGT) 2019 production averaged 5,382 boepd net Production was steady as a result of - Successful well intervention program - New well…
  21. Preliminary Results 2019 – Pharos Energy – slide 21
    Pharos Energy 2019 Preliminary results 11 March 2020 / 22 Future TGT wells H1.1 Infill TGT Update TGT-15X TGT-H1-33P New Full Field Development (FFDP) includes H1.2 H2 six wells Appraisal/Producer Appraisal/Producer -…
  22. Preliminary Results 2019 – Pharos Energy – slide 22
    Pharos Energy 2019 Preliminary results 11 March 2020 / 23 Vietnam Activities, reserves and resources TGT & CNV Reserves + Resources Net 2P reserves Net 2C Resources TGT CNV 15.4 8.5 Significant well intervention activity Apply gas…
  23. Preliminary Results 2019 – Pharos Energy – slide 23
    Growth opportunities Mike Watts Managing Director
  24. Preliminary Results 2019 – Pharos Energy – slide 24
    Pharos Energy 2019 Preliminary results 11 March 2020 / 25 Strategic value creation and growth opportunities Organic EGYPT VIETNAM ISRAEL Potential El Fayum conventional exploration TGT deep Eight licences El Fayum unconventional…
  25. Preliminary Results 2019 – Pharos Energy – slide 25
    Pharos Energy 2019 Preliminary results 11 March 2020 / 26 El Fayum - Growth opportunities - Onshore Oil Potential Pre-Kharita (Deep play) Prospects & Leads (40) Total mean STOIIP El Fayum Total un-risked recoverable Total Million Bbls…
  26. Preliminary Results 2019 – Pharos Energy – slide 26
    Pharos Energy 2019 Preliminary results 11 March 2020 / 27 North Beni Suef Exploration growth opportunity Existing data base Two 3D seismic surveys and reconnaissance 2D seismic NILE Forward Programme Airborne gravity & magnetic…
  27. Preliminary Results 2019 – Pharos Energy – slide 27
    Pharos Energy 2019 Preliminary results 11 March 2020 / 28 Vietnam growth potential TGT deep potential The TGT-H1-15X well reached TD 28 February 2020 The well will be dual completed so as to include production from the shallower…
  28. Preliminary Results 2019 – Pharos Energy – slide 28
    Pharos Energy 2019 Preliminary results 11 March 2020 / 29 Vietnam growth opportunity - Phu Khanh Basin (Blocks 125 & 126) SW NE Cuu Long Basin Phu Khanh Basin Regional seismic line (400+ km) shows comparison of Phu Khanh and…
  29. Preliminary Results 2019 – Pharos Energy – slide 29
    Pharos Energy 2019 Preliminary results 11 March 2020 / 30 Vietnam growth opportunity Blocks 125 & 126 (cont.) Blocks 125 & 126 Active Petroleum System 70% W.I. and Operator Confirmed by shelfal Plains 124 -1X well of exploration…
  30. Preliminary Results 2019 – Pharos Energy – slide 30
    Pharos Energy 2019 Preliminary results 11 March 2020 / 31 Israel growth opportunity - East Mediterranean Pharos Two major play types Awards ISRAEL Tamar sands Eight contiguous licences Zohr carbonates on Awarded October 2019 paleo…
  31. Preliminary Results 2019 – Pharos Energy – slide 31
    Pharos Energy 2019 Preliminary results 11 March 2020 / 32 M&A Accretive opportunities Transformational Mergers / Acquisitions Larger scale Consortium approach where appropriate Debt / equity for the right transaction Asia - MENA…
  32. Preliminary Results 2019 – Pharos Energy – slide 32
    Summary and Outlook Ed Story Chief Executive Officer
  33. Preliminary Results 2019 – Pharos Energy – slide 33
    Pharos Energy 2019 Preliminary results 11 March 2020 / 34 Summary and outlook TGT future defined by Government of Vietnam Vietnam Blocks 125 El Fayum provides a deeper Oligocene fully supportive of TGT &126 provide beach head for…
  34. Preliminary Results 2019 – Pharos Energy – slide 34
    Pharos Energy 2019 Preliminary results 11 March 2020 / 35 Strong Balance Minimal Sheet commitments Low breakeven Flexibility price Pharos Energy a resilient business
  35. Preliminary Results 2019 – Pharos Energy – slide 35
    Investor Relations Pharos Energy Tel: 020 7747 2000 48 Dover Street London W1S 4FF United Kingdom Company No: 3300821 www.pharos.energy

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