Pharos Energy (PHAR)

Sector:

Energy Producers

Index:

FTSE Small Cap

15.00p
   
  • Change Today:
    -0.62p
  • 52 Week High: 70.20p
  • 52 Week Low: 10.40p
  • Currency: UK Pounds
  • Shares Issued: 397.52m
  • Volume: 973,975
  • Market Cap: £59.63m
  • RiskGrade: 630

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SOCO production to be muted due to downtime

By Josh White

Date: Monday 07 Nov 2016

LONDON (ShareCast) - (ShareCast News) - SOCO announced on Monday that its 2016 development drilling programme had commenced on the Te Giac Trang field of Block 16-1, offshore southern Vietnam.
The London-listed company said the infill wells - TGT-27P and TGT-28P - will be 'batch drilled' with the first well spudded on 6 November by the PetroVietnam Drilling PVD-6 jack-up rig on the H4- Wellhead Platform in the central area of the TGT Field.

It said the TGT partners were reviewing adding a further two infill wells on the southern H5-WHP following the completion of these wells.

SOCO's production guidance range for 2016 had been 10-11,500 BOEPD.

Due to the lack of drilling during the year, additional downtime associated with pressure-testing on the Ca Ngu Vang Field, along with the recent stoppage for rig positioning and well intervention work beyond that originally planned, the board said on Monday that production rates for the full year were now expected to be at the lower end of this guidance.

The TGT Full Field Development Plan partner discussions were in the final stages ahead of formal submission to the relevant authorities, it explained.

The FFDP includes additional wells and facilities options to increase total fluid-handling capacity.

Final submission to the Vietnamese Government is expected after the upcoming management committee meetings next week.

"We are delighted to commence the first development drilling programme on TGT since early 2015," said president and CEO Ed Story.

"As indicated in our interim results, SOCO has the balance sheet strength to fully fund this programme from existing cash resources whilst taking advantage of the low drilling cost environment.

"Meanwhile, we continue to focus on enhancing the field water-handling capacity and arresting the field decline."

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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 15.00p
Change Today -0.62p
% Change -3.97 %
52 Week High 70.20p
52 Week Low 10.40p
Volume 973,975
Shares Issued 397.52m
Market Cap £59.63m
RiskGrade 630

Pharos Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
44.56% above the market average44.56% above the market average44.56% above the market average44.56% above the market average44.56% above the market average
21.74% above the sector average21.74% above the sector average21.74% above the sector average21.74% above the sector average21.74% above the sector average
Price Trend
95.63% below the market average95.63% below the market average95.63% below the market average95.63% below the market average95.63% below the market average
74% below the sector average74% below the sector average74% below the sector average74% below the sector average74% below the sector average
Income Not Available
Growth
7.11% above the market average7.11% above the market average7.11% above the market average7.11% above the market average7.11% above the market average
57.38% below the sector average57.38% below the sector average57.38% below the sector average57.38% below the sector average57.38% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 2
Sell 0
Strong Sell 3
Total 6
sell
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Pharos Energy Dividends

  Latest Previous
  Final Final
Ex-Div 09-May-19 24-May-18
Paid 31-May-19 15-Jun-18
Amount 5.50p 5.25p

Trades for 22-May-2020

Time Volume / Share Price
16:35 19,841 @ 15.00p
16:30 50,000 @ 14.90p
16:29 5,355 @ 15.56p
16:29 5,000 @ 15.56p
16:29 6,113 @ 15.56p

Pharos Energy Key Personnel

CEO Ed Story
CFO Jann M Brown
Chair John Martin

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