1st Nov 2021 16:24
Pharos Energy PLC - oil & gas company with assets in Egypt, Vietnam and Israel - Egyptian cabinet gives approval of the third amendment for the company's El Fayim concession agreement. The approved terms include an increase of the cost recovery petroleum percentage and the exploration term being extended to three and a half years.
The amendments are designed to encourage new investments in existing exploration and development areas, aimed at maintaining and increasing production rates.
"We are delighted that the El Fayum third amendment has been approved by the Egyptian cabinet, which encourages investment into this concession to increase production rates for the mutual benefits of Egypt and Pharos and our partners," says Chief Executive Officer Ed Story.
"The enhancements enshrined in the third amendment are set to deliver a lower break-even price per barrel and enhanced, earlier cash flow from the producing fields. Approval of this amendment will now move forward to its final phase, ratification by the parliament and signature of the president," Story adds.
Current stock price: 19.88 pence
Year-to-date change: up 7.5%
By Dayo Laniyan; [email protected]
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