{"id":10889,"date":"2021-09-16T20:56:40","date_gmt":"2021-09-16T20:56:40","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10889"},"modified":"2021-09-16T20:56:40","modified_gmt":"2021-09-16T20:56:40","slug":"egypt-pharos-energy-completes-el-fayum-and-north-beni-suef-concessions-farm-out","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-completes-el-fayum-and-north-beni-suef-concessions-farm-out\/","title":{"rendered":"EGYPT: Pharos Energy Completes El Fayum and North Beni Suef Concessions Farm-out"},"content":{"rendered":"

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.<\/p>\n

Pharos says it will be returning to drilling with an interim 3-well programme commencing in October to accelerate production enhancement ahead of farm-out partner resuming operatorship.<\/p>\n

For the initial 57 well producer and injector program the investment funds required to develop the fields will become available following completion of the farm-out to IPR Lake Qarun Petroleum Co., a wholly owned subsidiary of IPR Energy AG.<\/p>\n

Further, testing of the recently drilled Batran-1X exploration discovery well is expected in 4Q 2021. Parliamentary approval on the Third Amendment to the El Fayum Concession Agreement is awaited with the Amendment expected to be backdated to November 2020 and will increase contractor revenue take by c.20%.<\/p>\n

Ed Story, President and Chief Executive Officer, commented:<\/strong><\/p>\n

‘We are delighted to announce the farm-out of our onshore Egypt position today. IPR is a well-regarded and experienced operator in Egypt and is perfectly positioned to effect the full field development and exploration programmes. We look forward to working with them to realise the full potential of these fields.<\/em><\/p>\n

The signing of the Egyptian farm-out\u00a0 means that the medium term outlook for the Company is a return to free cash flow and ultimately to distributions to shareholders.’<\/em><\/p>\n

The farm-out is planned for completion in the first quarter of 2022<\/p>\n","protected":false},"excerpt":{"rendered":"

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% … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8554,"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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[9607,709,7794,9606,8881,8305,9608],"class_list":["post-10889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-batran-1x","tag-egypt","tag-el-fayum","tag-ipr-energy-ag","tag-north-beni-suef","tag-pharos-energy","tag-qarun-petroleum","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2PD","jetpack-related-posts":[{"id":12061,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-2021-preliminary-results\/","url_meta":{"origin":10889,"position":0},"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 "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11655,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energyenergy-ministry-finalize-3rd-amendment-to-the-el-fayum-concession-agreement\/","url_meta":{"origin":10889,"position":1},"title":"EGYPT: Pharos Energy,Energy Ministry Finalize 3rd Amendment to the El Fayum Concession Agreement","author":"","date":"January 20, 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15256,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-receives-approval-from-egpc-for-a-new-consolidated-concession-agreement\/","url_meta":{"origin":10889,"position":2},"title":"EGYPT: Pharos Energy Receives Approval from EGPC for a new consolidated Concession Agreement","author":"","date":"September 24, 2025","format":false,"excerpt":"Pharos Energy has announced that it has received approval from the Executive Board of the Egyptian General Petroleum Corporation (EGPC) for the consolidation of the El Fayum and North Beni Suef Concession Agreements into a new consolidated concession agreement. Pharos will retain a 45% working interest in the Consolidated Concession,\u2026","rel":"","context":"In "Countries"","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\/2025\/01\/Egypt-Pharos-Energy.png?fit=1200%2C661&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/01\/Egypt-Pharos-Energy.png?fit=1200%2C661&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/01\/Egypt-Pharos-Energy.png?fit=1200%2C661&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/01\/Egypt-Pharos-Energy.png?fit=1200%2C661&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/01\/Egypt-Pharos-Energy.png?fit=1200%2C661&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11063,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-receives-cabinet-approval-on-the-el-fayum-amendment\/","url_meta":{"origin":10889,"position":3},"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. 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