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Published on: October 9, 2023

Interim results show balance sheet strength

Pharos Energy reported its interim results on 13 September. Although profits were lower than forecast, this was predominantly due to a non-cash impairment charge. The key message is the strength of the balance sheet, which has seen net debt reduced to US$16.4m at the end of June 2023 from US$28.9m at the end of 2022. This leaves the group free to return more cash to shareholders and to start to increase investment, including commitment exploration, which we believe should be a key driver of shareholder value.

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