Pharos Energy released 2024 results on 26 March showing a solid financial and operating performance, materially in line with the trading update released on 23 January. The key message is that, with its cash-generative position augmented by a very strong balance sheet, the company is well placed to build momentum. The new opportunities are likely to manifest themselves through both organic and inorganic growth. We believe that the strong platform, with the potential for material new ventures, has the potential of providing a significant boost to shareholder value.