Pharos Energy said preliminary figures for 2025 show a downturn in oil and gas sales, with revenue of $114.60 million reflecting the impact of lower oil prices on top-line performance.
The group swung to a preliminary net loss for 2025, a reversal from the profit reported the previous year. On a profitability basis, the company posted gross profit of $18.20 million and operating profit of $8.70 million in the period covered by the preliminary results.
Pharos proposed a final dividend for 2025 of $5.2 million, which remains conditional on approval by shareholders at the relevant meeting.
Looking ahead, Pharos adjusted its 2026 working interest production guidance upward, targeting a range of 5,200-6,400 barrels of oil equivalent per day net. The company said its Vietnam drilling programme is scheduled to conclude by mid-2026. Management indicated there is a potential for a c.20% uplift in output if appraisal wells in Vietnam prove successful.
Group capital expenditure on a cash basis for 2026 is expected to be $50 million in total. Of that amount, $39 million is earmarked for activities in Vietnam while $11 million is allocated to operations in Egypt.
Operationally, Pharos completed a six-well campaign across the TGT and CNV fields in Vietnam, work the company characterised as supporting current production and intended to unlock incremental volumes.
In Egypt, the company secured approval to consolidate two concessions. The consolidation delivered an immediate uplift in value, according to Pharos, through lease extensions and improved fiscal terms that accompany the transaction.
On the balance sheet front, the company received a $20 million payment from EGPC. Pharos said this inflow reduced receivables to their lowest level since December 2021 and resulted in a doubling of the year-end cash balance.
Context and next steps
Pharos has signalled a focus on Vietnam as the primary source of near-term production growth while maintaining targeted capital discipline in 2026. The company will seek shareholder approval for the proposed final dividend and continue to execute the recently completed drilling programme and the Egypt concession consolidation.