Pharos Energy plc is an independent energy company with a focus on sustainable growth and returns to stakeholders, which is listed on the London Stock Exchange. Pharos has production, development and/or exploration interests in Egypt and Vietnam. 

In Egypt, Pharos holds a 45% working interest share in the El Fayum Concession in the Western Desert, with IPR Lake Qarun, part of the international integrated energy business IPR Energy Group, holding the remaining 55% working interest. The El Fayum Concession produces oil from 10 fields and is located 80 km southwest of Cairo. It is operated by Petrosilah, a 50/50 joint stock company between the contractor parties (being IPR Lake Qarun and Pharos) and the Egyptian General Petroleum Corporation (EGPC). Pharos also holds a 45% working interest share in the North Beni Suef (NBS) Concession in Egypt, which is located immediately south of the El Fayum Concession. IPR Lake Qarun operates and holds the remaining 55% working interest in the NBS Concession. 

In Vietnam, Pharos has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos' unitised interest in the TGT field is 29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang (CNV) field located in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Blocks 16-1 and 9-2 are located in the shallow water Cuu Long Basin, offshore southern Vietnam. Pharos also holds a 70% interest in, and is designated operator of, Blocks 125 & 126, located in the moderate to deep water Phu Khanh Basin, north east of the Cuu Long Basin, offshore central Vietnam.

Overview of operations

Egypt

Pharos Energy have high quality oil production operations and development assets and exploration blocks in Egypt, creating significant opportunities. The Company continue to work with local teams to generate value and evolve the assets.

El Fayum

The El Fayum concession is located in the low-cost and highly prolific Western Desert, about 80km south west of Cairo and close to local energy infrastructure.

Consisting of 10 oil fields, the El Fayum Concession provides Pharos with 256km² of development and nearly 1,564km² of exploration acreage, of which approximately 70% is covered by existing 3D seismic, with multiple, identified exploration prospects in proven petroleum systems, as well as a large under-explored area in the north of the concession.

On 15 September 2021, the Pharos Group entered into conditional agreements for the farm-out 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., a wholly owned subsidiary of IPR Energy AG.

On 21 March 2022, upon receiving the signature by the Egyptian Minister of Petroleum and Mineral Resources of the Deeds of Assignment, the farm-out and sale of a 55% working interest share and operatorship to IPR Lake Qarun Petroleum Co is completed.

Following completion of the farm-out, Pharos Energy now holds a 45% working interest share in the El Fayum oil Concession in the Western Desert.

North Beni Suef

The Group was successful in their bid for the North Beni Suef concession in February 2019, following a bid round. 

In September 2021, Pharos Group entered into conditional agreements for the farm-out 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., a wholly owned subsidiary of IPR Energy AG.

In March 2022, upon receiving the signature by the Egyptian Minister of Petroleum and Mineral Resources of the Deeds of Assignment, the farm-out and sale of a 55% working interest share and operatorship to IPR Lake Qarun Petroleum was completed.

Following completion of the farm-out, Pharos Energy now holds a 45% working interest share in the North Beni Suef (NBS) Concession in Egypt, which is located immediately south of the El Fayum Concession. IPR Lake Qarun operates and holds the remaining 55% working interest in the NBS Concession.

In 2023, the first exploration commitment well (NBS-SW1X) was declared a commercial discovery and put on production in December 2023. A new 20-year development lease for NBS-SW1X was awarded by EGPC in September 2023, opening up a new area for production and development.

Vietnam

Pharos Energy have established valuable assets in Vietnam, with production at two fields (TGT & CNV) and further potential for growth from two additional exploration blocks (125 & 126).

Block 16-1 TGT Field 
The TGT Field is located in Block 16-1, offshore Vietnam in the shallow water Cuu Long Basin, approximately 100km from Vung Tau.

Pharos Energy has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos’ unitised interest in the TGT field is 29.7%. We were awarded Block 16-1 in 1999 and production from TGT began in 2011. Oil from TGT is transported by a sub-sea pipeline to a nearby leased Floating Production Storage and Offloading vessel, where it is processed and then exported by tanker. Gas from TGT is processed at nearby facilities and transported by pipeline to shore, to supply the Vietnamese domestic market.

Block 9-2 CNV Field
The CNV Field is located in Block 9-2, offshore Vietnam, in the shallow water Cuu Long Basin.

Pharos has a 25% working interest in the Ca Ngu Vang (CVN) field located in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. We were awarded Block 9-2 in 2000. The CNV field was first discovered in 2002 by the CNV-1X well and production began in July 2008. The oil and gas produced from CNV are transported by sub-sea pipeline to a nearby central processing platform operated by Vietsovpetro. Here they are separated; gas is transported via pipeline to an onshore gas facility, while oil is held in a storage vessel prior to sale.

Blocks 125 & 126
Blocks 125 & 126 is located in moderate to deep waters in the Phu Khanh Basin, north east of the Cuu Long Basin.

Pharos Energy were awarded blocks 125 & 126 in 2017. Multiple structural and stratigraphic plays are observed on the existing 2D seismic data. Interpretation of the available data indicates there is good potential for source, expulsion and migration of oil with numerous probable reservoir and seal intervals.

On Blocks 125 & 126, a two-year PSC extension was granted by MOIT on 13 June 2023, extending the first exploration period of the PSC to 8 November 2025.

Outlook

• 2024 production guidance of 5,200 - 6,500 boepd net remains unchanged:
• Vietnam 2024 production guidance 3,900 - 5,000 boepd net; Egypt 2024 production guidance 1,300 - 1,500 bopd net

Vietnam

• Two-well TGT infill drilling programme commenced on 26 August 2024
• Awaiting CNV RFDP approval, expected in Q4 2024, enabling further development drilling on CNV to commence in 2025
• TGT and CNV five-year licence extensions well advanced; once signed, this will enable commitment to further investment in both fields
• Discussions ongoing with potential farm-in partners and rig contractors required to progress Block 125

Egypt

• Expected completion of the exploration commitment well on El Fayum in 4Q
• Processing of c.130km² of 3D seismic data on NBS underway and expected to complete in 4Q
• Discussions ongoing on the consolidation proposal following the initial feedback from EGPC

Leadership

John Martin Non-Executive Chair
Katherine Roe Chief Executive Officer
Sue Rivett Chief Financial Officer
Mohamed Sayed Chief Operating Officer
Vincent Duignan Group Exploration Manager & General Manager - South East Asia
John Caldwell General Counsel

Contact

Pharos Energy
Eastcastle House, 27/28 Eastcastle Street, London, W1W 8DH, United Kingdom

e. info@pharos.energy
t. +44 20 7747 2000

KeyFacts Energy: Pharos Energy Egypt country profile   l   Vietnam country profile