{"id":12061,"date":"2022-03-18T09:59:09","date_gmt":"2022-03-18T09:59:09","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12061"},"modified":"2022-03-18T09:59:09","modified_gmt":"2022-03-18T09:59:09","slug":"egypt-pharos-energy-provides-2021-preliminary-results","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-2021-preliminary-results\/","title":{"rendered":"EGYPT: Pharos Energy Provides 2021 Preliminary Results"},"content":{"rendered":"<p><strong>2021 Operational Highlights<\/strong><\/p>\n<ul>\n<li>Total Group working interest 2021 production 8,878 boepd net (2020: 11,373 boepd), in line with production guidance:\n<ul>\n<li>Egypt production 3,318 bopd (2020: 5,270 bopd)<\/li>\n<\/ul>\n<\/li>\n<li>In Egypt:\n<ul>\n<li>Return to drilling with Batran-1X exploration commitment well and three-well development drilling programme<\/li>\n<li>El Fayum Phase 1B waterflood programme commenced with one workover rig, with a second workover rig dedicated to the maintenance programme<\/li>\n<li>Conditional agreements for the farm-down 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 Co. (IPR)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>OPERATIONAL HIGHLIGHTS:<\/strong><\/p>\n<ul>\n<li>2021 production averaged 12,854 boe\/d (Egypt 11,336 bbls\/d)\u00a0 a decrease of 4% from 2020 primarily attributable to natural declines in Egypt, partially offset by the re-commencement of Eastern Desert drilling and well optimization activities;<\/li>\n<li>Inventoried entitlement crude oil in Egypt decreased to nil as at December 31, 2021 from 227.9 Mbbls as at December 31, 2020;<\/li>\n<li>Ended the year with 46.1 MMboe of 2P reserves, up 19% from 2020 year end of 38.9 MMboe;<\/li>\n<li>Drilled and completed eight development oil wells and performed six recompletions in the Eastern Desert in Egypt;<\/li>\n<li>Drilled one exploration well and performed one recompletion in the Western Desert in Egypt;<\/li>\n<\/ul>\n<p><strong>2022 Highlights and Outlook<\/strong><\/p>\n<ul>\n<li>Signature of the Third Amendment to the El Fayum Concession Agreement, with retroactive application of the improved fiscal terms from November 2020 and a three and a half year extension to the exploration period<\/li>\n<li>Modest hedging programme to capture the higher oil price environment<\/li>\n<li>Phase Two of Task Force on Climate-related Disclosure (TCFD) project completed in Q1 2022, with ongoing work on future TCFD alignment<\/li>\n<li>Appointment of Jann Brown as Chief Executive Officer on completion of the transaction with IPR<\/li>\n<li>Additional directorate changes upon completion of the transaction with IPR and at the 2022 AGM, resulting in a reduction in the size of the Board from nine Directors to six, with a much lower cost base<\/li>\n<li>In Egypt<\/li>\n<li>Pharos and EGPC have finalised all necessary documents to be presented to the Minister of Petroleum and Natural Resources to approve the transaction with IPR and this approval is expected shortly<\/li>\n<li>The three-well drilling programme, which commenced in November 2021, is ongoing<\/li>\n<li>Commencement of the main El Fayum multi-year and multi-well development programme in Q2 2022<\/li>\n<li>Production forecast for 2022 will be evaluated following completion of the farm-down to IPR and transfer of operatorship. Guidance will be given at the AGM<\/li>\n<li><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-2021-preliminary-results\/\" 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":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":[7442,7446,11],"tags":[10341,7710,709,7794,10342,8881,8305,7610],"class_list":["post-12061","post","type-post","status-publish","format-standard","hentry","category-countries","category-north-africa","category-top-news","tag-batran-1x-exploration","tag-eastern-desert","tag-egypt","tag-el-fayum","tag-ipr-lake-qarun-petroleum","tag-north-beni-suef","tag-pharos-energy","tag-western-desert","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-38x","jetpack-related-posts":[{"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":12061,"position":0},"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":11211,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-announces-recommencement-of-el-fayum-development-drilling\/","url_meta":{"origin":12061,"position":1},"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":8964,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-h1-operational-update\/","url_meta":{"origin":12061,"position":2},"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":13838,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-eneregytrading-and-operations-update-july-2023\/","url_meta":{"origin":12061,"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":11655,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energyenergy-ministry-finalize-3rd-amendment-to-the-el-fayum-concession-agreement\/","url_meta":{"origin":12061,"position":4},"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 &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":9683,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-operational-update\/","url_meta":{"origin":12061,"position":5},"title":"EGYPT: Pharos Energy Provides Operational Update","author":"","date":"January 14, 2021","format":false,"excerpt":"El Fayum Production Production for 2020 from the El Fayum Concession averaged 5,270 bopd. This is in line with the Egypt 2020 production guidance given on 12 May 2020 of 5,000-6,000 bopd. El Fayum Development and Operations Prior to the COVID-19 pandemic and the oil price shock, three drilling rigs\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\/12061","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=12061"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12061\/revisions"}],"predecessor-version":[{"id":12062,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12061\/revisions\/12062"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}