Pharos provides update on its Egypt operations

In its 2021 AGM Trading and Operations Update, Pharos Energy highlighted the status of its assets in Egypt, noting that production from El Fayum averaged 4,010 bopd from 1 January to 30 April 2021. The Group’s Egypt production guidance for 2021 remains unchanged at 4,000-4,400 bopd, prior to any investment from a farm in partner. Phase 1B of the waterflood program is underway. Good progress is being made on farm out negotiations and an announcement of the details will be made a soon as possible.

The Batran commitment exploration well, which is targeting 15 mmbbls in place in a prospect near to the Tersa field, is currently operating close to planned TD. The well has encountered oil shows whilst drilling in the target Abu Roash A, D and E reservoirs and is expected to reach TD shortly when confirmatory wireline logs will be run. A separate statement on the well result will be released in due course.

Ed Story, President and Chief Executive Officer, commented: “In Egypt, good progress has been made to find the right partner to support the funding of the development plan for the discovered resource in El Fayum. In addition, modest capital is being allocated to the organic growth potential of some of our exploration assets.”

Source: Petroleum Africa

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