Pharos Energy Plc (LSE: PHAR): Enhancing investment profile with very high impact exploration asset
• Pharos 1H23 trading update was dominated by the publication of the first independent resources assessment of Blocks 125 & 126 that highlighted gross prospective (recoverable) resources of between 1.2 bnbbl and 29.8 bnbbl (mean of 13.3 bnbbl). This is much more material than we anticipated and should attract industry attention in the context of the large discoveries made in “new” areas around the world in recent years (Guyana, Suriname, South Africa and Namibia). Pharos holds 70% WI.• The resources estimate covers five high-graded prospects on 3D seismic over 23 prospective horizons (Prospect A Drape, Prospect A North, Lead A South, Prospect D and Prospect E1). Leads already identified in Blocks 125 & 126 but not yet covered by 3D seismic have not been included in the resources estimate.
• Geological Chance of Success (GCOS) for individual horizons ranges from 8% to 23%. Four out of the five prospects each target 3-8 different horizons which maximizes the chances of a well encountering at least one horizon.
• The Top F/G horizon is the most material (5.9 bnbbl at Lead A South and 2 bnbbl at Prospect A North) followed by the Basement (1.0 bnbbl and 0.5 bnbbl at the same prospects respectively).
• Part of Prospect D (1.3 bnbbl mean prospective resources, GCOS: 17%) is accessible in
Soco International is an oil and gas exploration and production company. Co. has exploration, development and production interests in Vietnam, and exploration and appraisal interests in the Republic of Congo and Angola. As of Dec 31 2016, Co.'s commercial reserves were 33.3 million barrels of oil equivalent.
Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.
The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy.
Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors.
Auctus provides Corporate Broking, Equity Research and Investment Banking services.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.