• Turnover increased 54 percent to £23.8 million (1998: £15.5 million).

  • Net income of £7.4 million, compared to a restated net loss of £0.8 million in 1998.

  • Oil production continued to rise, primarily due to the continuing development programme in Yemen: average production of 7,205 BOPD (1998: 7,128 BOPD).

  • Further reduction in per barrel operating costs to £3.76 (1998: £3.90).

  • Significantly strengthened balance sheet: £28.8 million of cash and cash equivalents at the year end.

  • Award of Block 16-1 offshore Vietnam finalised.

  • Resumption of full scale exploration activities in Mongolia and Vietnam

Ed Story, Chief Executive of SOCO, said:

"We are very pleased with the financial and operating results for 1999. Many of the things we accomplished throughout the year were timing critical and would be difficult if not impossible to achieve at the present time. The improvement in the oil price provides obvious and immediate benefits to the bottom line, but overall may make future rationalisations more problematic."

"We are dedicated to achieving a balanced portfolio which we will continue to exploit in a unique fashion that is not overly-dependent on the oil price. The resources already available to us, combined with the undoubted expertise and industry knowledge that we can call on, give us great confidence in our ability to achieve this."

Pharos Energy plc is aware of attempts to impersonate the company under its previous name, SOCO International plc, on social media. Pharos does not have a Facebook page.