Pharos Energy confirms interest in Shell’s Egypt upstream assets
10-03-2020 09:39:00 | by: Pie Kamau | hits: 1468 | Tags:

Pharos Energy confirms that it is participating in the process for the purchase of Royal Dutch Shell upstream portfolio in the Western Desert in Egypt as part of a consortium and is in the preliminary stages of its evaluation.

Pharos remains committed to its strategy of delivering sustainable long-term growth, and its strategic ambition is to deliver value for all its stakeholders through the responsible management of  the current portfolio and the careful selection of growth opportunities.

The Board evaluates M&A opportunities with reference to strict strategic, financial and operational criteria and any transaction will be pursued only if the Board determines it to be in the best interest of stakeholders and will be subject to shareholder approval. There can be no certainty that any proposal will be made to Shell or that any transaction will occur. Pharos will update the market as and when it is appropriate to do so.

Pharos Energy is an independent oil and gas exploration and production company with a focus on sustainable growth and returns to stakeholders, headquartered in London and listed on the London Stock Exchange. Pharos has production, development and exploration interests in Egypt, Israel and Vietnam.

In Egypt, Pharos holds a 100% working interest in the El Fayum oil Concession in the low-cost and highly prolific Western Desert, one of Egypt's most established and prolific hydrocarbon basins. It is operated by Petrosilah, a 50/50 JV between Pharos and Egyptian General Petroleum Corporation (EGPC). Pharos is also an operator with a 100% working interest in the North Beni Suef (NBS) Concession which is located immediately south of the El Fayum Concession.