Pharos Energy

Website: Pharos Energy
Index: FTSE Small Cap
EPIC: PHAR
Supersector: Energy
Sector: Oil: Crude Producers
Subsector: Exploration and Production
Market Cap: £116.57M
Payout Frequency: Semi-Annual

Next Pharos Energy Dividend

Pharos Energy next goes ex-dividend on 11/06/2026. This will be the Final dividend for 2026.

The dividend per share amount is 0.9317p (GBP) and the payment date is 17/07/2026.

Key Dividend Details

Final dividend declared (FY2025): 0.9317 pence per share (total c.$5.2m), payable in Pounds Sterling, subject to AGM approval.
Payment date: 17/07/2026
Ex-dividend date: 11/06/2026
Record date: 12/06/2026
Interim dividend (already paid): 0.3993 pence per share (c.$2.2m) on 21/01/2026.
Total FY2025 dividend: 1.331 pence per share (c.$7.4m), up 10% year on year (FY2024: 1.21p).
Policy: return no less than 10% of Operating Cash Flow (OCF) annually, split into January interim (c.33% of prior year dividend) and July final.

Dividend Sustainability and Cover

Cash generation: 2025 cash generated from operations $55.6m; FY2025 dividend outlay of c.$7.4m implies robust cash cover (~7.5x) and exceeds the 10% of OCF policy floor.
Balance sheet: $40.2m net cash, debt-free; improved Egyptian receivables (down to $7.4m) after a $20m year-end payment from EGPC.
Earnings vs cash: statutory $6.6m loss in 2025, but dividend is anchored to OCF, not accounting profit.
2026 capex: guidance of $50m (Vietnam $39m, Egypt $11m) is meaningful but appears manageable alongside current liquidity and operating cash generation.

Growth Trajectory and Outlook

Operational momentum: ongoing six-well programme on TGT/CNV (Vietnam) through mid-2026; appraisal success could lift Vietnam volumes by up to ~20%, supporting future cash flows.
Egypt: concession consolidation with improved fiscal terms effective retroactively (from 5 Oct 2025, pending Parliamentary ratification in 2026) and a six-well programme expected to boost Egypt production by ~20% by 2027 vs YE2025.
Hedging: modest 2026 hedges (~19% of group entitlement) provide limited downside protection; majority remains unhedged, preserving upside but adding volatility exposure.

Structural/Policy Factors to Watch

Egypt concession consolidation: a structural change with better fiscal terms and extended lease lives; ratification expected during 2026. Positive for medium-term cash generation and dividend capacity.
Blocks 125 & 126 farm-out (Vietnam): active process continues. A successful farm-out could de-risk capital commitments; failure could raise future funding needs for high-impact exploration.
Capital allocation: Board reiterates balanced returns and growth strategy; completed $9m buyback programme (final tranche Jan 2025). Treasury shares were cancelled (July 2025) – no share consolidation noted.
AGM approval outstanding for the final dividend.

Risks and Flags for Dividend Stability

Commodity price volatility: with a majority unhedged position, cash flows are sensitive to oil prices. Management’s “reasonable worst case” includes a scenario where no dividends from 2027 could be a mitigating action.
Execution risk: 2026 drilling outcomes in Vietnam and Egypt; appraisal underperformance would trim expected production uplift and cash flow.
Egypt receivables and ratification: material progress achieved, but sustained timeliness of EGPC payments and Parliamentary ratification remain watch points.
Capex intensity: elevated $50m 2026 spend competes with free cash; external M&A or exploration commitments (if farm-out slips) could tighten dividend headroom.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
18/12/2025	21/01/2026	Interim	0.3993p	GBX
11/06/2026	17/07/2026	Final	0.9317p	GBX

Total (Annual Dividends Per Share): 1.33p

Dividend Yield = Annual Dividends Per Share (1.33p) ÷ Share Price (27.7p) = 4.81%

Ex Dividend Date	Payment Date	Type	Amount	Currency
11/06/2026	17/07/2026	Final	0.9317p	GBX
18/12/2025	21/01/2026	Interim	0.3993p	GBX
12/06/2025	21/07/2025	Final	0.8470p	GBX
19/12/2024	22/01/2025	Interim	0.3630p	GBX
13/06/2024	19/07/2024	Final	0.7700p	GBX
21/12/2023	24/01/2024	Interim	0.3300p	GBX
15/06/2023	12/07/2023	Final	1.0000p	GBX

Year

Number of Shares:

Payment	Paid	Amount
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