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Published on: January 17, 2024

FY23 update – production in-line, net debt down

Pharos Energy has released a trading update for FY23, ahead of the release of its final results on 27 March. Production over the last year was 6,508 boe/day, in line with guidance set at the interim results release in September. The balance sheet has strengthened further, with net debt of c.US$6.5m as at 31 December compared with US$16.4m at the half year (30 June). This net debt reduction comes despite the increase in Egyptian receivables, the payment of a final dividend and the share buyback programme.

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