• Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt. Pharos expects FY25 production to be broadly similar, in line with guidance of 5.2–6.0 mboe/d.
• The TGT‑H1 infill well was brought onstream on 20 November. Initial performance is above management’s pre‑drill expectations. While no rate has been disclosed, we note that in 2021 Pharos reported an initial gross rate of 2.2 mbbl/d from a prior TGT well. For modelling purpo ....
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