法罗斯能源有限公司 (Pharos Energy plc) 是一家在越南和埃及拥有资产的独立能源公司，该公司公布了截至2025年6月30日的六个月中期业绩。分析师电话会议将于英国夏令时上午9点举行。

首席执行官凯瑟琳·罗伊 (Katherine Roe) 表示：
“今年上半年，我们在战略和运营方面继续取得强劲进展。全球形势依然充满挑战，但我们专注于卓越运营和财务纪律，实现了平均净产量5,642桶油当量/天的稳定增长，并持续保持强劲的现金流，符合我们的预期。

” “在越南，我们将于第四季度启动一项重要且实质性的六井钻探活动，预计将于2026年上半年取得成果。为释放未来潜力而钻探TGT评估井18X的准备工作进展顺利，加上计划中的CNV 5X-L1评估和加密钻探活动，预计将降低额外开发机会的风险，并从2026年起推动产量增长。”针对我们的125和126号勘探区块，我们已聘请独立第三方顾问，开展正式流程，以确定入股合作伙伴。这一流程，加上长周期项目的订购，为挖掘这些重要勘探资产的长期潜力提供了选择权。近期，6月份批准的两年产品分成合同延期进一步巩固了这一选择权。

“在埃及，我们将继续确保做出经济的投资决策，以最大化这些自筹资金资产的价值。我们很高兴于周二宣布，埃及石油公司批准了一项合并特许协议，这将立即提升我们在埃及的投资组合价值，并使2024年底的2P储量增长25%。改进的财务条款为Pharos和我们的合作伙伴IPR提供了一个具有吸引力的投资框架。我们将继续采取谨慎的资本配置方式，同时努力收回未偿应收账款。

”“我们取得进展的基础是我们强劲的现金流生成能力和无负债的资产负债表。”凭借如此雄厚的财务实力，我们今天宣布2025财年的中期股息为每股0.3993便士，较去年增长10%。随着我们重启对核心资产的投资，我们将继续谨慎地保持强劲的财务状况，以支持我们对股东回报的承诺。

“展望未来，我们认识到规模对于实现长期增长至关重要，并且我们拥有足够的财务灵活性来把握内生和外生机会。我们将继续致力于通过严谨的执行和战略重点，为股东创造价值。”

上半年运营亮点
- 集团权益产量为 5,642 桶油当量/天（2024 年上半年：5,851 桶油当量/天），与全年指引一致：
- 越南 4,183 桶油当量/天（2024 年上半年：4,456 桶油当量/天）
- 埃及 1,459 桶油当量/天（2024 年上半年：1,395 桶油当量/天）

- 在越南：
- TGT：已获得钻机合同，将于第四季度钻探三口加密井和 18X 评估井，目标是该区块尚未开发的西部区域
- CNV：继续计划于第四季度钻探一口加密井和 5X-LI 评估井，旨在开发油田北部
- 钻机合同还包含灵活性，可以在 TGT 和 CNV 上钻探可选评估井
- 125 和 126 区块：已获得越南政府批准将产品分成合同延长两年勘探期（2025年11月9日至2027年11月8日）；任命独立第三方顾问，以支持确定潜在农场合作伙伴的正式程序

- 在埃及：
- 法尤姆：东萨阿德-1X 井于 2 月份发现商业油田后，于 7 月 1 日起投产
- 北贝尼苏韦夫 (NBS)：3D 地震数据处理正在进行

中 上半年财务和公司亮点
- 集团收入 6560 万美元1（2024 年上半年：6500 万美元）
- 调整 60 万美元重新计量后净亏损 220 万美元（2024 年上半年：调整重组费用、重新计量和减值转回后净利润 270 万美元，总计 1260 万美元）2
- 经营活动产生的现金 3190 万美元（2024 年上半年：4430 万美元，包括埃及石油公司以美元支付的 1000 万美元一次性付款）
- 经营活动现金流 1610 万美元3（2024 年上半年：2790 万美元，包括埃及石油公司以美元）3
- 现金运营成本 17.04 美元/桶4（2024 年上半年：17.09 美元/桶）4
- 截至 2025 年 6 月 30 日的净现金为 2260 万美元（2024 年 12 月 31 日：1650 万美元）
- 截至 2025 年 6 月 30 日的埃及应收账款余额为 3350 万美元（2024 年 12 月 31 日：2950 万美元），截至 6 月 30 日的六个月内已收到 550 万美元。资产负债表日后，截至 2025 年 9 月 23 日，我们额外收到 560 万美元
- 2024 年中期股息为每股 0.363 便士，已于 2025 年 1 月 22 日支付。末期股息为每股 0.847 便士，共计 470 万美元，已于 2025 年 7 月 18 日支付。2024 年全年股息为每股 1.210 便士，共计 650 万美元
- 于 6 月 26 日任命 João Saraiva e Silva 为非执行主席 2025 年

展望
- 2025 年产量指导范围缩小至 5,200-6,000 桶油当量/天（从 5,000 - 6,200 桶油当量/天），反映出越南产量稳定，埃及产量低于预期
- 越南六口井钻探活动即将开始，预计将在2026年及以后实现产量增量
- 越南125和126区块的勘探权转让将继续进行，并鼓励潜在合作伙伴的参与
- 现已同意埃及改善的财务条款；承诺的工作计划的准备工作即将开始
- 预计全年现金资本支出约为3500万美元，其中820万美元发生在上半年。与2025年钻探活动相关的另外2200万美元预计将在2026年上半年发生
- 战略重点是从现有投资组合中最大化价值，同时评估扩大规模的机会

Pharos Energy plc, an independent energy company with assets in Vietnam and Egypt, announces its interim results for the six months ended 30 June 2025. A conference call for analysts will take place at 09.00 BST.

Katherine Roe, Chief Executive Officer, commented:
"We have continued to make strong strategic and operational progress during the first half of the year. The global stage remains challenging but our focus on operational excellence and financial discipline has delivered stable production averaging 5,642 boepd net, and continued strong cash generation, in line with our guidance.

"In Vietnam, we will begin an important and material six-well drilling campaign in the fourth quarter, with results expected in the first half of 2026. Preparations for drilling the TGT appraisal well 18X to unlock future upside are progressing well and, together with the planned CNV 5X-L1 appraisal and infill drilling campaign, are expected to de-risk additional development opportunities and drive production growth from 2026 onwards. On our exploration blocks 125 & 126, we have engaged with an independent third party adviser to conduct a formal process to identify farm-in partners. This process, together with the ordering of long lead items, provides optionality to pursue the long-term potential of these important exploration assets. The recent approval of a two-year PSC extension in June further supports this optionality.

"In Egypt, we continue to ensure we make economic investment decisions to maximise the value of these self-funding assets. We were pleased to have announced on Tuesday the approval from EGPC of a consolidated Concession Agreement, which brings an immediate uplift in the value of our Egyptian portfolio and a 25% increase from year-end 2024 2P reserves. The improved fiscal terms provide an attractive investment framework for both Pharos and our partner IPR. We will continue our cautious approach to capital allocation whilst we seek to continue the recovery of our outstanding receivables.

"Underpinning our progress is our strong cash flow generation and debt-free balance sheet. This financial strength allows us to announce today an interim dividend of 0.3993 pence per share for the 2025 financial year, an increase of 10% from last year. As we restart investment into our core assets, we will continue to be careful to maintain a strong financial position to support our commitment to shareholder returns.

"Looking ahead, we recognise scale is essential to delivering long-term growth and we have the financial flexibility to pursue both organic and inorganic opportunities. We remain committed to delivering value for shareholders through disciplined execution with strategic focus."

1H Operational Highlights
- Group working interest production was 5,642 boepd net (1H 2024: 5,851 boepd net), in line with full year guidance:
- Vietnam 4,183 boepd (1H 2024: 4,456 boepd)
- Egypt 1,459 bopd (1H 2024: 1,395 bopd)

- In Vietnam:
- TGT: Rig contracts secured for the drilling of three infill wells and the 18X appraisal well in 4Q, targeting the block's untapped western area
- CNV: Planning continues for the drilling of one infill well and the 5X-LI appraisal well in 4Q, intended to unlock the northern part of the field
- Rig contracts also incorporate flexibility to drill optional appraisal wells on TGT and CNV
- Blocks 125 & 126: Approval received from the Vietnamese Government for the two-year extension of the PSC Exploration Period (from 9 November 2025 to 8 November 2027); appointment of independent third party adviser to support formal process to identify a potential farm-in partner

- In Egypt:
- El Fayum: East Saad-1X well on production from 1 July following commercial discovery in February
- North Beni Suef (NBS): 3D seismic data processing ongoing

1H Financial and Corporate Highlights
- Group revenue $65.6m1 (1H 2024: $65.0m)
- Net loss $2.2m after adjusting for re-measurements of $0.6m (1H 2024: $2.7m net profit after adjusting for restructuring expenses, re-measurements and impairment reversals totalling $12.6m credit) 2
- Cash generated from operations $31.9m (1H 2024: $44.3m including $10m one off payment from EGPC in USD)
- Operating cash flow $16.1m3 (1H 2024: $27.9m including $10m one off payment from EGPC in USD)3
- Cash operating costs $17.04/bbl4 (1H 2024: $17.09/bbl)4
- Net cash as at 30 June 2025 of $22.6m (31 Dec 2024: $16.5m)
- Egypt receivable balance at 30 June 2025 of $33.5m (31 Dec 2024: $29.5m), having received $5.5m in the six months to 30 June. Post our balance sheet date, we received an additional $5.6m as at 23 September 2025
- Interim dividend in respect of 2024 of 0.363 pence per share was paid on 22 January 2025. The final dividend of 0.847 pence per share, amounting to $4.7m, was paid on 18 July 2025. The full year 2024 dividend was 1.210 pence per share, amounting to $6.5m in total
- Appointment of João Saraiva e Silva as Non-Executive Chair on 26 June 2025

Outlook
- 2025 production guidance range narrowed to 5,200-6,000 boepd (from 5,000 - 6,200 boepd), reflecting consistent production in Vietnam and lower than expected production in Egypt
- Six-well drilling campaign in Vietnam about to commence and expected to deliver incremental production volumes in 2026 and beyond
- Exploration farm-out of blocks 125 & 126 in Vietnam to continue with encouraging engagement from potential partners
- Improved fiscal terms in Egypt now agreed; preparations for the committed work programme to commence imminently
- Forecast cash capex for the full year expected to be c. $35m, of which $8.2m incurred in the first half. A further $22m relating to the 2025 drilling campaign is expected to fall into 1H 2026
- Strategic focus on maximising value from existing portfolio whilst evaluating opportunities to build scale