{"id":14649,"date":"2025-01-23T17:00:50","date_gmt":"2025-01-23T17:00:50","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14649"},"modified":"2025-01-29T17:23:11","modified_gmt":"2025-01-29T17:23:11","slug":"egypt-pharos-energy-expects-continued-drilling-testing-in-2025","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-expects-continued-drilling-testing-in-2025\/","title":{"rendered":"EGYPT: Pharos Energy Expects Continued Drilling & Testing in 2025"},"content":{"rendered":"\n

Operational Highlights
<\/strong>\uf0b7 Strong safety record with no LTIs
o Egypt 1,440 bopd

\uf0b7 Egypt:<\/strong>
o El Fayum: successful drilling of second exploration commitment well in September, encountering oil-bearing reservoirs
in Abu Roach G formation
o One El Fayum development well put on production in December
o North Beni Suef (NBS): ongoing processing of 3D seismic data
o Discussions with EGPC and our partner on the consolidation of our Egyptian concessions are progressing well<\/p>\n\n\n\n

Financial Highlights
<\/strong>o Egypt c.$19m 1
\uf0b7 Payments received in Egypt totalled $25.5m in 2024, with receivables balance at 31 December 2024 of $29.5m. Continued progress in payments of receivables and consolidation of the concessions will determine the pace of our future investment in country
<\/p>\n\n\n\n

2025 Outlook<\/strong>
\uf0b7 Group working interest production guidance of 5,000 \u2013 6,200 boepd net:
o Egypt 1,400 \u2013 1,600 bopd<\/p>\n\n\n\n

\uf0b7 Egypt:<\/strong>
o El Fayum: testing of the successful exploration commitment well planned in 1Q
o Planning underway to commence two-well El Fayum drilling programme in 2H
o NBS: expected completion of 3D seismic data processing in 1Q, with interpretation and mapping to follow
o Discussions on consolidation of the Egyptian concessions continue to progress
\uf0b7 On track to achieve our Net Zero interim short-term three-year target (2024-2026) of 5% emission reduction
\uf0b7 Forecast Group cash capex in the year expected to be c.$33m, reflecting the drilling of the TGT appraisal well and long lead items for Block 125 in Vietnam and the El Fayum programme in Egypt
\uf0b7 Interim dividend for the 2024 financial year of 0.363 pence per share, totalling $1.8m, paid on 22 January 2025
\uf0b7 Drilling activities in 2025 are expected to deliver incremental production volumes in 2026 and beyond<\/p>\n\n\n\n

Katherine Roe, Chief Executive Officer, commented:
\u201c2024 was a year of strong operational and business delivery with stable production, robust cash flows and successful drilling in Egypt.
\u201cOur transformed and resilient debt-free balance sheet underpins our 2025 work programme in and Egypt as we focus our capital allocation towards growth and investment that delivers the highest returns for shareholders whilst remaining committed to our sustainable dividend policy. We look forward to a prosperous and successful year ahead and thank our shareholders for the ongoing support.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Operational Highlights\uf0b7 Strong safety record with no LTIso Egypt 1,440 bopd \uf0b7 Egypt:o El Fayum: successful drilling of second exploration commitment well in September, encountering oil-bearing reservoirsin Abu Roach G … 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":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":[7446],"tags":[11751,709,7794,8881,8305],"class_list":["post-14649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-north-africa","tag-abu-roach","tag-egypt","tag-el-fayum","tag-north-beni-suef","tag-pharos-energy","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-3Oh","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":14649,"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":8964,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-h1-operational-update\/","url_meta":{"origin":14649,"position":1},"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 "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\/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":11655,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energyenergy-ministry-finalize-3rd-amendment-to-the-el-fayum-concession-agreement\/","url_meta":{"origin":14649,"position":2},"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":10418,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-update-on-its-activities\/","url_meta":{"origin":14649,"position":3},"title":"EGYPT: Pharos Energy Provides Update on its activities","author":"","date":"June 10, 2021","format":false,"excerpt":"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 Friday 4 June. The well encountered 52 ft (15.85m) of net oil pay in the LARG and UB sands. Additional\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":12061,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-2021-preliminary-results\/","url_meta":{"origin":14649,"position":4},"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":11063,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-receives-cabinet-approval-on-the-el-fayum-amendment\/","url_meta":{"origin":14649,"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 "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\/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\/14649","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=14649"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14649\/revisions"}],"predecessor-version":[{"id":14650,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14649\/revisions\/14650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8554"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}