Over the course of 2024, Pharos concentrated on developing more clarity in its portfolio. In Vietnam, a five-year extension was granted for the CNV and TGT licences. In Egypt, Pharos has been looking to achieve a consolidation of its two onshore concessions, which it is hoped will be granted soon. With more certainty on its licences, management can start to increase investment. This should lead to growth in the company’s reserve base and, hopefully, shareholder value.