Pharos Energy released an update on 5 December that highlights a pick-up in activity and a further strengthening in the balance sheet. The group had net cash at the end of November of approximately US$18m, which compares to US$17.5m at the interim stage and comes despite an increase in activity. The group has completed a two-well infill programme on the TGT field and drilled an exploration well in Egypt that encountered oil and will be tested in December. Pharos would appear to be in great shape going into 2025, which looks to be an exciting year for investors.
Pharos Energy: Progressive Energy
Dec 16, 2024Disclaimer & Declaration of Interest
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