Pharos Energy PLC, like many others in the industry, faced challenges due to the collapse in oil prices caused by the Covid-19 pandemic. However, the company has taken significant steps to address these challenges. They have farmed out 55% of their Egyptian assets and implemented cost-cutting measures, resulting in a reduction of debt from US$57.5m to approximately US$16m by the end of June 2023.

With the improved financial position, Pharos Energy is now in a position to return cash to shareholders through dividends and buybacks. Additionally, the company plans to increase investment, including exploration activities, which is expected to drive shareholder value.

Progressive Research, an equity research and investor engagement company, has initiated coverage on Pharos Energy and believes that the company's efforts to reduce debt and restart growth will have a positive impact on shareholder value. They provide institutional-grade research and connect companies with investors across various sectors.

For more information, interested parties can access the full analysis on Progressive Research's website.