Pharos Energy has struck a farm-out and sale agreement for a stake in its Egyptian assets with a subsidiary of IPR Energy.
UK-listed Pharos Energy is excited about its upcoming Vietnam activities with a 3D seismic shoot lined up over a high-potential exploration permit and a six-well production drilling programme set to start at its Te Giac Trang offshore oilfield.
Pharos Energy has secured improved fiscal terms on its El Fayum concession, in Egypt’s Western Desert.
Pharos Energy intends to farm out its Egyptian assets, with the company hiring Jefferies to handle the process.
Pharos Energy has put on hold all development work in Egypt, which will lead production to decline.
Pharos Energy has set out plans to spend around $45 million in 2020 but has suspended production guidance from Egypt in response to the oil price pressures.
Pharos Energy’s Egyptian assets have increased production slower than expected but should overtake the company’s Vietnamese volumes this year.