Pharos Energy released a trading update for the half year ending 30 June 2025. Operations are in line with guidance set at the final results. Production in the first six months was 5,642 boe/day and sits in the middle of guidance of 5,000-6,200 boe/day. The group had cash (with no debt) of US$22.6m at the end of June compared to US$16.5m at the end of 2024. This leaves the group well placed to start a major investment programme in the second half of the year, which should add significant shareholder value.