Pharos Energy (PHAR)

Sector:

Energy Producers

Index:

FTSE Small Cap

21.90p
   
  • Change Today:
      0.30p
  • 52 Week High: 26.80
  • 52 Week Low: 18.70
  • Currency: UK Pounds
  • Shares Issued: 416.25m
  • Volume: 171,119
  • Market Cap: £91.16m
  • RiskGrade: 273

Soco International opts to impair $220m of charges from non-core African assets

By Iain Gilbert

Date: Wednesday 10 Jan 2018

LONDON (ShareCast) - (ShareCast News) - Oil and gas exploration and production group Soco International, which had been in merger talks with Kuwait Energy for some time, announced on Wednesday that production from its Vietnamese operations remained in line with guidance.
Soco also said that, following strategic review, it had decided to impair $220m for non-core African assets, Marine XI off the coast of the Republic of Congo and Cabinda North in Angola.

The firm estimated production across 2018 to be between 8,000 and 9,000 barrels of oil per day net, and that capital expenditure for its Vietnam operations would be in the realm of $4m over the year.

Throughout 2017, Soco recorded average gross production of 28,506 barrels of oil per day, 8,276 of which was netted by the company.

Soco posted revenues of $156m for the year and achieved an average realised oil price per barrel of $56, a premium of $2 per barrel to the Brent North Sea oil benchmark price.

The firm's final capital expenditure forecast for the year remained unchanged at around $30m, all of which was fully funded from existing cash resources.

Ed Story, president and chief executive officer, said "Steady revenues, low operating costs and a disciplined approach to capital allocation have provided the Company with a unique financial stability from which it has delivered a $30.0m capital expenditure programme in 2017, fully funded from existing cash resources, which included the full $42.7m Mongolia payable, which we collected during the year."

"In addition, the company has distributed a $21.0m cash return to shareholders though a £0.05 dividend and has embarked on a rigorous pursuit of portfolio rationalisation and business development opportunities," he added.

The group was expected to release its full financials for the year ended 31 December on 22 March.

As of 1200 GMT, shares had slipped 2.47% to 124.84p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Pharos Energy Market Data

Currency UK Pounds
Share Price 21.90p
Change Today 0.30p
% Change 1.39 %
52 Week High 26.80
52 Week Low 18.70
Volume 171,119
Shares Issued 416.25m
Market Cap £91.16m
RiskGrade 273

Pharos Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
70.03% above the market average70.03% above the market average70.03% above the market average70.03% above the market average70.03% above the market average
58.33% below the sector average58.33% below the sector average58.33% below the sector average58.33% below the sector average58.33% below the sector average
Price Trend
37.09% below the market average37.09% below the market average37.09% below the market average37.09% below the market average37.09% below the market average
43.59% above the sector average43.59% above the sector average43.59% above the sector average43.59% above the sector average43.59% above the sector average
Income
44.04% below the market average44.04% below the market average44.04% below the market average44.04% below the market average44.04% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
3.33% below the market average3.33% below the market average3.33% below the market average3.33% below the market average3.33% below the market average
26.53% below the sector average26.53% below the sector average26.53% below the sector average26.53% below the sector average26.53% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 2
buy
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Pharos Energy Dividends

  Latest Previous
  Interim Final
Ex-Div 19-Dec-24 13-Jun-24
Paid 22-Jan-25 19-Jul-24
Amount 0.36p 0.77p

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 405 @ 21.90p
16:35 315 @ 21.90p
16:35 90 @ 21.90p
16:24 1 @ 21.50p
16:20 12 @ 22.20p

Pharos Energy Key Personnel

CFO Sue Rivett
CEO Katherine Roe

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