Pharos Energy announced on 23 September that it has reached an agreement with EGPC (Egyptian General Petroleum Corporation) on the consolidation of its two licences. This provides Pharos an extension on the new licence as well as better fiscal terms, and gives the group an immediate 25% increase in its Egyptian 2P reserves. On 24 September, the group released its interim results, which showed the business was on track. After a relatively quiet 12 months, drilling activity is set to pick up, which should deliver material production growth and hence shareholder value.
Pharos Energy: Progressive
Sep 29, 2025Disclaimer & Declaration of Interest
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