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Tag: Pharos Energy
ipr

IPR Completes Transaction with Pharos for Western Desert Assets Acquisition

Posted: March 28, 2022 at 12:44 pm   /   Oil & Gas

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 […]

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pharos

Pharos Energy announces preliminary results for year ended 31 December 2021

Posted: March 20, 2022 at 12:24 pm   /   Oil & Gas

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 […]

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Pharos Energy

Pharos Energy signs Third Amendment to the El Fayum Concession Agreement

Posted: January 22, 2022 at 10:23 am   /   Oil & Gas

Pharos Energy has announced that the Third Amendment to the El Fayum Concession Agreement has been signed by His Excellency Eng. Tarek El Molla (Minister of Petroleum & Mineral Resources of the Arab Republic of Egypt), EGPC and the Company on 19 January 2022. The agreement has become effective upon signature, with retroactive application of the improved fiscal […]

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Pharos Energy

Pharos Energy announces restart of El Fayum development drilling

Posted: November 25, 2021 at 12:20 pm   /   Oil & Gas

Pharos Energy has announced a return to drilling in its El Fayum Concession in Egypt, with the commencement of an interim three-well development programme. Ed Story, President and Chief Executive Officer, commented: ‘I am pleased to announce that, after a significant period of restricted activity in Egypt, we have recommenced development drilling operations in El Fayum. This three-well infill […]

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Fayum

Pharos Energy receives Egypt’s Cabinet approval of El Fayum Amendment

Posted: November 1, 2021 at 8:29 pm   /   Oil & Gas

Pharos Energy has received Egyptian Cabinet approval of the Third Amendment of its El Fayum Concession Agreement. The approved terms, already announced on 30 March 2021, include both an increase of the cost recovery petroleum percentage and an extension of the exploration term of three and a half years. Ed Story, President and Chief Executive Officer, commented: ‘We […]

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Pharos Energy

Pharos Energy to farm out interest in El Fayum, North Beni Suef Concessions to IPR

Posted: September 15, 2021 at 12:05 pm   /   Oil & Gas

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 […]

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Pharos Energy

Pharos Energy announces trading and operations update for July 2021

Posted: July 15, 2021 at 12:02 pm   /   Oil & Gas

Pharos Energy has issued a trading and operations update in advance of the Company’s half-year results on 15 September 2021. The information contained herein has not been audited and may be subject to further review and amendment. Ed Story, President and Chief Executive Officer, commented: ‘I am pleased to be able to report a period […]

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Pharos

Pharos Energy drills production well in Egypt’s Western Desert

Posted: June 13, 2021 at 3:13 pm   /   Oil & Gas

Pharos Energy PLC drilled a production well in the El Fayum concession in Egypt’s Western Desert. The Batran-1X commitment exploration well was drilled on a fault-bounded and three-way-closed dip prospect 4 km west of the Main Tersa-1X well. The well reached total depth on June 4 and encountered 52 ft (15.85m) of net oil pay […]

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Fayum

Pharos Energy announces Agreement Amendment for El Fayum Concession

Posted: March 30, 2021 at 2:02 pm   /   Oil & Gas

Pharos Energy receives provisional approval to an amendment of the fiscal terms of its El Fayum Concession in Egypt’s Western Desert. Pharos Energy has received provisional approval from the Egyptian General Petroleum Corporation’s (EGPC) Main Board to an amendment of the fiscal terms of its El Fayum Concession, which is now subject to the approval […]

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Pharos

Pharos Energy conducting formal farm-out process for its Egypt assets

Posted: January 13, 2021 at 11:55 am   /   Oil & Gas

Pharos Energy, an oil and gas exploration and production company, has issued the following trading and operations update to summarise recent operational activities and to provide trading guidance in respect of the financial year to 31 December 2020. This is in advance of the Company’s Preliminary results. The information contained herein has not been audited […]

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