Captain Owen PHILIPS RN 1794?

[lorryloo]

Hi, Everyone,
Can anyone help me... A friend of mine has a painting in his house that supposedly is an ancestor of his.  There is a man in naval uniform, and the title is "Captain Owen Philips" RN 1794.
I have never come across someone with this name and rank at this time in any of the Navy Lists that I have looked through.
Could it be that he might have commanded a ship in the East India Company, or been a member of the Marines.  I keep expecting to come across his name in the book I am presently reading about Horatio Nelson, called: "Nelson - A Dream of Glory" by John Sugden, that takes the national hero up to the year 1797.
I know next to nothing about naval matters, so would appreciate a little direction about where else I should look, always bearing in mind that the details on the painting might be bogus.
Very best wishes,
Lorryloo