Pharos Energy (PHAR)

Sector:

Energy Producers

Index:

FTSE Small Cap

11.80p
   
  • Change Today:
      0.40p
  • 52 Week High: 76.00
  • 52 Week Low: 10.40
  • Currency: UK Pounds
  • Shares Issued: 397.52m
  • Volume: 7,839,580
  • Market Cap: £46.91m
  • RiskGrade: 626

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SOCO says it won't bid for Ophir as it posts rise in 2018 profit

By Michele Maatouk

Date: Wednesday 06 Mar 2019

LONDON (ShareCast) - (Sharecast News) - SOCO International said on Wednesday that it will not make an offer for Ophir Energy after its proposal in January was rejected.
The oil and gas company, which has only just revealed that it made a proposal to Ophir, said it has believed for some time that a combination between the two would create "significant and long-term value" for shareholders in both companies.

The group said it tabled a formal proposal to Ophir's board regarding an all-share combination on 17 January, but it was unanimously rejected a few days later.

"In light of Ophir's subsequent announcement of a recommended all cash offer of 55p from PT Medco Energi Global PTE, SOCO believes that a share-based combination with Ophir would currently be challenging to execute and so would represent an unacceptable level of risk for SOCO shareholders," it said.

The announcement came alongside the company's preliminary 2018 results, which showed a surge in pre-tax profit to $80.1m from $22.7m the year before and a 12% increase in revenue to $175.1m as the result of a higher average realised crude oil price.

President and chief executive Ed Story said: "We remain committed to creating value for our shareholders through a combination of capital growth and capital returns. I am pleased that the board has decided to recommend a 2018 final dividend of 5.5p per share, a 5% increase on 2017.

"In addition, we have repositioned SOCO to support further growth in the wider Middle East and North Africa region, both organically and through additional mergers and acquisitions."

At 1250 GMT, SOCO shares were down 0.2% to 68.35p.

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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 11.80p
Change Today 0.40p
% Change 3.51 %
52 Week High 76.00
52 Week Low 10.40
Volume 7,839,580
Shares Issued 397.52m
Market Cap £46.91m
RiskGrade 626

Pharos Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
44.63% above the market average44.63% above the market average44.63% above the market average44.63% above the market average44.63% above the market average
19.57% above the sector average19.57% above the sector average19.57% above the sector average19.57% above the sector average19.57% above the sector average
Price Trend
94.94% below the market average94.94% below the market average94.94% below the market average94.94% below the market average94.94% below the market average
75.76% below the sector average75.76% below the sector average75.76% below the sector average75.76% below the sector average75.76% below the sector average
Income
5.23% above the market average5.23% above the market average5.23% above the market average5.23% above the market average5.23% above the market average
Sector averageSector averageSector averageSector averageSector average
Growth
6.94% above the market average6.94% above the market average6.94% above the market average6.94% above the market average6.94% above the market average
51.61% below the sector average51.61% below the sector average51.61% below the sector average51.61% below the sector average51.61% 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 03-Apr-2020

Time Volume / Share Price
17:08 46,000 @ 11.80p
16:39 50,000 @ 11.80p
16:38 50,000 @ 11.80p
16:35 167,833 @ 11.80p
16:29 750 @ 11.70p

Pharos Energy Key Personnel

CFO Jann M Brown
Chair John Martin

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