Pharos Energy has announced that it has received a significant payment from EGPC (Egyptian General Petroleum Corporation) of US$20m, reducing its outstanding Egyptian receivable balance to US$7.4m. This payment further strengthens the balance sheet, and allows us to increase our RENAV to 59.9p/share from 58.1p/share. With uncertainty over receivables reduced, investors can focus on the current drilling programme, which should unlock increased reserves, material production growth and hence shareholder value.