{"id":10418,"date":"2021-06-10T09:08:19","date_gmt":"2021-06-10T09:08:19","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10418"},"modified":"2021-06-10T09:08:19","modified_gmt":"2021-06-10T09:08:19","slug":"egypt-pharos-energy-provides-update-on-its-activities","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-update-on-its-activities\/","title":{"rendered":"EGYPT: Pharos Energy Provides Update on its activities"},"content":{"rendered":"<h4><strong>Egypt<\/strong><\/h4>\n<h4><strong>Batran-1X well result<\/strong><\/h4>\n<p>The Batran-1X commitment exploration well, drilled on a fault bounded and three-way-closed dip prospect located 4km west of the Main Tersa-1X well, reached Total Depth on Friday 4 June.<\/p>\n<p>The well encountered 52 ft (15.85m) of net oil pay in the LARG and UB sands. Additional thin pay zones may also be present in the Abu Roash \u201cA\u201d, \u201cD\u201d and \u201cE\u201d sands where oil shows were also encountered whilst drilling.<\/p>\n<p>Pressure readings confirm that the oil-bearing reservoirs are at initial pressure.<\/p>\n<p>The Batran-1X well will be completed as a potential future producer in the LARG and UB reservoir sections using a workover rig as part of El Fayum field activities ramp up phase.<\/p>\n<p>The preliminary post-well in-place volume and resource estimates for the LARG and UB discoveries are 4.3 mmbbls and 430,000 bbls respectively.<\/p>\n<h4><strong>El Fayum concession<\/strong><\/h4>\n<p>The El Fayum concession prospect and lead inventory has an estimated unrisked in-place volume potential of &gt;400 mmbbls in 40 prospects all with \u201cmore of the same geology\u201d and covered by the existing 3D seismic. Of this total &gt;220 mmbbls is in prospects close to existing infrastructure and 156 mmbbls is located within current long-term development leases. An additional 230 mmbbls of unrisked in place volumetric potential lies in new plays (e.g. deeper untested formations) or in leads outside of the present 3D seismic area.<\/p>\n<p>The unconventional Abu Roash play, which is considered potentially prospective over the northern half of El Fayum and which was also encountered in the Batran-1X well, has a further 1.5 billion bbls of unrisked unconventional oil in place potential in tight organic-rich marls.<\/p>\n<h4><strong>Future Operations Strategy<\/strong><\/h4>\n<p>During the recent downturn, the Company\u2019s strategy, on both the El Fayum concession and the North Beni Suef (NBS) concession to the south where Pharos also has a 100% working interest, has been to suspend drilling operations and to defer exploration expenditure to preserve cash and to protect the balance sheet. The Company is currently engaged in a farm out process run by Jefferies, to seek a partner before recommencing investment in the development of the existing discovered resource on El Fayum and the exploration potential of both blocks.<\/p>\n<p>Future exploration drilling activity in the proven basins of El Fayum and NBS can be expected to focus on near field prospects close to existing facilities and prospects with new play potential. Similarly future seismic acquisition will focus on 3D seismic in the northern portion of El Fayum, once land access is granted, to mature existing leads and 2D seismic in the unexplored eastern desert portion of NBS to evaluate its frontier potential.<\/p>\n<p><strong>Ed Story, President and Chief Executive Officer, commented:<\/strong><\/p>\n<p><em>\u201cIn Egypt the Batran-1X exploration commitment well has encountered oil in the Abu Roash Lower \u201cG\u201d (LARG) and the Upper Bahariya (UB) reservoirs. This modest discovery reconfirms the potential for additional oil on the El Fayum concession.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt Batran-1X well result The Batran-1X commitment exploration well, drilled on a fault bounded and three-way-closed dip prospect located 4km west of the Main Tersa-1X well, reached Total Depth on &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-update-on-its-activities\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[9349,8880,8881,9191],"class_list":["post-10418","post","type-post","status-publish","format-standard","hentry","category-countries","category-north-africa","category-top-news","tag-batran-1x-well","tag-el-fayum-concession","tag-north-beni-suef","tag-pharos","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2I2","jetpack-related-posts":[{"id":11211,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-announces-recommencement-of-el-fayum-development-drilling\/","url_meta":{"origin":10418,"position":0},"title":"EGYPT: Pharos Energy Announces Recommencement of El Fayum Development Drilling","author":"","date":"November 22, 2021","format":false,"excerpt":"Pharos Energy has announced a return to drilling in its El Fayum Concession in\u00a0Egypt, with the commencement of an interim three-well development programme.\u00a0 Ed Story, President and Chief Executive Officer, commented:\u00a0 \"I am pleased to announce that, after a significant period of restricted activity in\u00a0Egypt, we have recommenced development drilling\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/ECDC-6-Rig.jpg?fit=683%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/ECDC-6-Rig.jpg?fit=683%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/ECDC-6-Rig.jpg?fit=683%2C1024&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":10889,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-completes-el-fayum-and-north-beni-suef-concessions-farm-out\/","url_meta":{"origin":10418,"position":1},"title":"EGYPT: Pharos Energy Completes El Fayum and North Beni Suef Concessions Farm-out","author":"","date":"September 16, 2021","format":false,"excerpt":"Pharos Energy has announced the signing of a farm-out to the El Fayum and North Beni Suef Concession to IPR.\u00a0 The proposed transaction will result in IPR taking over 55% working interest and operatorship in the El Fayum and North Beni Suef Concessions. Pharos says it will be returning to\u2026","rel":"","context":"In \"Batran-1X\"","block_context":{"text":"Batran-1X","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/batran-1x\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12061,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-2021-preliminary-results\/","url_meta":{"origin":10418,"position":2},"title":"EGYPT: Pharos Energy Provides 2021 Preliminary Results","author":"","date":"March 18, 2022","format":false,"excerpt":"2021 Operational Highlights Total Group working interest 2021 production 8,878 boepd net (2020: 11,373 boepd), in line with production guidance: Egypt production 3,318 bopd (2020: 5,270 bopd) In Egypt: Return to drilling with Batran-1X exploration commitment well and three-well development drilling programme El Fayum Phase 1B waterflood programme commenced with\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13838,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-eneregytrading-and-operations-update-july-2023\/","url_meta":{"origin":10418,"position":3},"title":"EGYPT: Pharos EneregyTrading and Operations Update July 2023","author":"","date":"July 26, 2023","format":false,"excerpt":"Operational Highlights Group working interest H1 production was 6,915 boepd net. Group working interest 2023 production guidance of 6,050 \u20137,500 boepd net remains unchanged from the Preliminary Results announcement on 22 March 2023:o Vietnam H1 production was 5,566 boepd. Vietnam 2023 production guidance 4,700 \u2013 5,700 boepd neto Egypt H1\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8964,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-h1-operational-update\/","url_meta":{"origin":10418,"position":4},"title":"Egypt: Pharos Energy H1 Operational Update","author":"","date":"August 26, 2020","format":false,"excerpt":"Despite the global COVID-19 pandemic, Pharos continues to manage its operations carefully with the Group adhering to the procedures and restrictions put in place by its host countries, with negligible disruption to business in the period. Operational Summary Egypt 1H 2020 production 5,979 bopd (2 April - 30 June 2019:\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Pharos-Enegy.jpg?fit=861%2C584&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Pharos-Enegy.jpg?fit=861%2C584&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Pharos-Enegy.jpg?fit=861%2C584&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Pharos-Enegy.jpg?fit=861%2C584&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11063,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-receives-cabinet-approval-on-the-el-fayum-amendment\/","url_meta":{"origin":10418,"position":5},"title":"EGYPT: Pharos Energy Receives Cabinet Approval on the El Fayum Amendment","author":"","date":"November 1, 2021","format":false,"excerpt":"Pharos Energy has announced 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\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10418"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10418\/revisions"}],"predecessor-version":[{"id":10420,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10418\/revisions\/10420"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}