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CORPORATE PRESENTATION TRADING & OPERATIONS UPDATE January 2026
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/ 2 Disclaimer Nothing in this presentation or in any accompanying management discussion of this presentation constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in any investment activity, whether in the United Kingdom or in any other jurisdiction; (ii) any recommendation or advice in respect of the ordinary shares (the Shares) in Pharos Energy plc or the group of companies of which it is the ultimate holding company (together the Group); or (iii) any offer for the sale, purchase or subscription of any Shares. In addition, nothing in this presentation should be construed as a profit forecast. The Shares are not registered under the US Securities Act of 1933 (as amended) (the US Securities Act) and may not be offered, sold or transferred except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any other applicable state securities laws. This presentation contains certain forward-looking statements that are subject to risk factors and uncertainties associated with the oil and gas exploration and production business generally and specifically with the business, operations and financial position of the Group. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “may”, “will”, “seeks” or “should“, “could” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals and/or future performance, events or intentions. These forward-looking statements include all matters that are not historical facts. There are a number of factors that could cause actual results, performance or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. These include, among other things: the impact of volatility in commodity prices; the impact of volatility in the Group’s production levels; risks related to health, safety, security and/or the environment; political and regional risk in the Group’s areas of operation; the impact of global climate change and associated regulation; the risk of a lack of alignment with partners at joint venture or operating committee level; the risk of failure in information technology, data protection or cybercrime; the risk of failure to attract, develop and retain high calibre personnel; the risk of failure to adhere to applicable laws, rules and regulations, including anti-bribery and anti-corruption legislation; the risk of adverse outcome of litigation and/or governmental investigations; and the risk of sub-optimal capital allocation by the Group. For a more detailed analysis of the principal factors that may affect our business, financial performance, or results of operations, we urge you to look at the Principal Risk and Mitigations section in our most recent Annual Report and Accounts. The Group undertakes no obligation to revise any such forward-looking statements to reflect any changes in the Group’s expectations or any change in circumstances, events or the Group’s plans and strategy. Accordingly, no reliance may be placed on the figures contained in such forward- looking statements. Forward-looking statements are not guarantees or representations of future performance. Similarly, past share performance cannot be relied on as a guide to future performance. Even if the Group’s results of operations, financial and market conditions, and the development of the industry in which the Group operates, are consistent with the forward-looking statements contained in the presentation, those results, conditions or developments may not be indicative of results, conditions or developments in subsequent periods. No representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information in this presentation and no responsibility or liability is or will be accepted by Pharos Energy plc or any other member of the Group (or by any of their respective officers, employees or agents) in relation to it. All written and oral forward-looking statements attributable to the Group or to persons acting on the Group's behalf are expressly qualified in their entirety by the cautionary statements above and by all other cautionary statements and disclaimers contained elsewhere in the presentation. By attending this presentation and/or accepting a copy of it, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice. Pharos Energy – Corporate presentation January 2026
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Pharos Energy – Corporate presentation January 2026 / 3 A YEAR OF ACHIEVEMENTS TGT and CNV • Fully-funded TGT & CNV six-well offshore drilling programme • Appraisal successes will drive production growth in near term and derisk additional development opportunities Blocks 125 & 126 • Two-year licence extension to November 2027 provides optionality • Formal farm-out process at advanced stage • Consolidated Concession Agreement - Improved fiscal terms provide value uplift and attractive investment framework to increase production • Recent $20 million payment from EGPC reduces receivable balance to lowest level since 2021 • Six-well work programme for 2026 agreed with Operator Egypt – Self-financing future valueVietnam - Core strategic assets
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VIETNAM – ACTIVE OFFSHORE DRILLING Pharos Energy – Corporate presentation January 2026 / 4 CNV-5X Expected 2Q26 CNV-8P Completion 1Q26 Block D Block A Block B 0 2000 4000 6000 8000 10000 12000 14000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 TGT Completed Infills Planned Infill 18X Appraisal Well TGT CNV Production from completed TGT H1 infill well TGT gross production (boepd) Appraisal success could deliver Vietnam production increase of c.20% compared with 2025 level Vietnam Production Working interest 2025 Production net 4,095 boepd 2026 Production guidance net 4,000 – 4,950 boepd
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Pharos Energy – Corporate presentation January 2026 / 5 EGYPT – ATTRACTIVE INVESTMENT ENVIRONMENT Consolidated Concession Agreement delivers value for all stakeholders Improved terms, including: • Increase in Cost Oil • Significantly higher Profit Oil share (in key production and oil price tiers) • Signature bonus to be offset against existing receivables balance • 3.1 MMstb, a 25% increase in 2P reserves from YE 2024 • Development Leases extended for up to 20 years • 11-well work programme during the four-year period • Award of three exploration areas • Retroactive effective date – from 5 October 2025 Material reduction in Egyptian receivables ($m) FY 2025 Egyptian payments received $37.7m 7.4 24.2 37.4 29.5 33.5 28.1 7.4 0 5 10 15 20 25 30 35 40 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 30 Jun 2025 30 Sep 2025 31 Dec 2025
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Pharos Energy – Corporate presentation January 2026 / 6 Disciplined capital programme focused on asset development and production growth Vietnam • TGT & CNV 4 infills and 2 appraisal wells Outlook Appraisal wells in Vietnam and consolidation in Egypt will enable further development activity across the assets Egypt • Outstanding receivables $7.4m as of 31 December 2025 • Asset consolidation and improved fiscal terms 2026 ESTIMATED CAPITAL INVESTMENT PROGRAMME Egypt 21% Vietnam 16% Egypt • New Consolidated Concession – 6 development wells and recompletions • TGT – 3 infill wells and 1 appraisal well • CNV – 1 infill well and 1 appraisal well • Abandonment funding • 2 rig campaign commenced October 2025 through to 1H 2026 • Block 125 & 126 - Long lead items Vietnam 2026 $19m 2025 c/f $31m Total Cash Capex $50m Capital allocation of $50m, includes c.$31m carried forward from 2025 to completethe Vietnam drilling campaign and Blocks 125 &126 long lead items. Additional cash capex for 2026 is expected to be c.$19m. Carried forward from 2025 63%
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2026 OUTLOOK: PROTECTED GROWTH Pharos Energy – Corporate presentation January 2026 / 7 Vietnam Material investment to underpin long- term cash flows Completion of drilling programme adding production volumes and reserves Success could add future development opportunities Egypt Improved fiscal terms encourage investment Recent receivables recovery reduces payment risk Blocks 125 & 126 Farm-in partner to pursue basin- opening play Two-year extension provides optionality Success could deliver material returns to shareholders Commitment to shareholder returns Dividend remains priority whilst managing capital allocation for growth Building scale Enhanced efforts to identify inorganic opportunities that can drive growth and longevity for the business
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www.pharos.energy Pharos Energy plc 27/28 Eastcastle Street London W1W 8DH United Kingdom Tel: 020 7747 2000 Company No: 3300821