• FY21 production guidance has been set at 9.2-10.6 mboe/d (below our initial forecast of 11.5 mboe/d) as Pharos’ guidance assumes minimum investment in Egypt with no rig (US$8 mm vs our forecast of US$23 mm with one rig for six month) pending conclusion of the farm out. Pharos’ production guidance for Egypt is therefore only 4.0-4.4 mbbl/d vs our expectations of 5 mbbl/d.
• The new fiscal terms in Egypt are expected to be ratified in 3Q21 and a farm in partner is expected to be announced in 2Q2 ....
08 Apr 2021
Pharos Energy Plc (LSE: PHAR): All eyes on farm-in partner in Egypt
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Pharos Energy Plc (LSE: PHAR): All eyes on farm-in partner in Egypt
Pharos Energy PLC (PHAR:LON) | 23.4 0 0.2% | Mkt Cap: 98.4m
- Published:
08 Apr 2021 -
Author:
Stephane Foucaud -
Pages:
5
• FY21 production guidance has been set at 9.2-10.6 mboe/d (below our initial forecast of 11.5 mboe/d) as Pharos’ guidance assumes minimum investment in Egypt with no rig (US$8 mm vs our forecast of US$23 mm with one rig for six month) pending conclusion of the farm out. Pharos’ production guidance for Egypt is therefore only 4.0-4.4 mbbl/d vs our expectations of 5 mbbl/d.
• The new fiscal terms in Egypt are expected to be ratified in 3Q21 and a farm in partner is expected to be announced in 2Q2 ....