IPR Energy Discovers Oil in North Beni Suef Concession, Western Desert, Egypt
Texas-based IPR Energy Group (“IPR”) announced the discovery of oil in its exploration concession North Beni Suef (NBS), where it operates the 5,060 km2 concession, located in Upper Egypt near Beni Suef. The first exploration well, NBS-1X, was drilled to a depth of 8,185 ft MD after a successful drilling campaign with a 1,500 hp […]
IPR Completes Transaction with Pharos for Western Desert Assets Acquisition
Texas-based IPR Energy Group (“IPR”) announced the completion of its acquisition of Operatorship and majority Working Interest of 55% of Pharos Energy plc (“Pharos”) in the El Fayum and North Beni Suef Concessions in the Western Desert, as part of its aggressive expansion strategy in Egypt. This latest acquisition, spanning 6,624 km2 in the Western […]
Pharos Energy announces preliminary results for year ended 31 December 2021
Pharos Energy, an independent oil and gas exploration and production company, has announced its preliminary results for the year ended 31 December 2021. A conference call will take place at 0900 GMT today. Jann Brown, Managing Director and Chief Executive Officer Designate, commented: ‘It is truly an exciting time to take over the reins at […]
Pharos Energy to farm out interest in El Fayum, North Beni Suef Concessions to IPR
Pharos Energy has announced that the Pharos Group has entered into conditional agreements for the farm-out and sale of a 55% working interest and operatorship in each of the Egyptian El Fayum and North Beni Suef Concessions to IPR Lake Qarun Petroleum, a wholly owned subsidiary of IPR Energy. The consideration implies a gross (100%) value of up to US$115 million for the Assets and consists […]
Pharos Energy announces trading and Egypt operations update
Pharos Energy has issued a trading and operations update to summarise recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2019. This is in advance of the Company’s Preliminary results due to be announced on 11 March 2020. The information contained herein has not been audited and […]
