Pharos Energy released a trading update ahead of its AGM (21 May) showing that operations are progressing well. Production in the first four months of the year was 5,561 boe/day, in line with guidance of 5,200-6,400 boe/day. Cash balances remain strong at approximately US$31m, down from US$40.2m at the end of 2025 despite much of the 2026 capex programme being weighted to the first half of the year. The company is well positioned to benefit from rising production in the remainder of the year.