Pharos Energy (LSE:PHAR) reported a decline in preliminary revenue for 2025 as weaker oil prices weighed on performance. Oil and gas sales totalled $114.6 million for the year, down from the previous period.
The company reported a preliminary net loss for 2025, compared with a profit in the prior year. Gross profit came in at $18.2 million, while operating profit reached $8.7 million.
Despite the weaker results, Pharos Energy proposed a final dividend of $5.2 million for 2025, subject to shareholder approval.
Looking ahead, the company increased its 2026 working interest production guidance to between 5,200 and 6,400 barrels of oil equivalent per day net. Its ongoing drilling programme in Vietnam is expected to conclude by mid-2026 and could deliver up to a 20% production increase if appraisal wells prove successful.
Group capital expenditure for 2026 is expected to total around $50 million, with approximately $39 million allocated to Vietnam and $11 million directed toward operations in Egypt.
During the year, Pharos completed a six-well drilling campaign on the TGT and CNV fields in Vietnam aimed at sustaining current output while unlocking additional production potential. The company also received approval to consolidate two concessions in Egypt, a move that improves fiscal terms and extends the lease periods, resulting in an immediate uplift in asset value.
Pharos further strengthened its financial position after receiving a $20 million payment from Egyptian General Petroleum Corporation, reducing outstanding receivables to their lowest level since December 2021 and doubling the group’s year-end cash balance.
More about Pharos Energy
Pharos Energy plc is an independent oil and gas exploration and production company with operations focused on Southeast Asia and the Middle East. The group’s key producing assets include fields offshore Vietnam as well as concessions in Egypt, where it aims to grow production through targeted drilling programmes and asset optimisation.
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