Pharos Energy (PHAR)

Sector:

Energy Producers

Index:

FTSE Small Cap

15.06p
   
  • Change Today:
      0.060p
  • 52 Week High: 70.20
  • 52 Week Low: 10.40
  • Currency: UK Pounds
  • Shares Issued: 397.52m
  • Volume: 1,171,732
  • Market Cap: £59.87m
  • RiskGrade: 621

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 15.06p
Change Today 0.060p
% Change 0.40 %
52 Week High 70.20
52 Week Low 10.40
Volume 1,171,732
Shares Issued 397.52m
Market Cap £59.87m
RiskGrade 621

Pharos Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
44.13% above the market average44.13% above the market average44.13% above the market average44.13% above the market average44.13% 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
95.53% below the market average95.53% below the market average95.53% below the market average95.53% below the market average95.53% below the market average
76% below the sector average76% below the sector average76% below the sector average76% below the sector average76% below the sector average
Income Not Available
Growth
7.05% above the market average7.05% above the market average7.05% above the market average7.05% above the market average7.05% 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 26-May-2020

Time Volume / Share Price
16:35 22,607 @ 15.06p
16:29 58 @ 15.04p
16:29 2,862 @ 15.04p
16:29 282 @ 15.04p
16:29 863 @ 15.04p

Pharos Energy Key Personnel

CEO Ed Story
CFO Jann M Brown
Chair John Martin

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