21st Jul 2021 14:07
Pharos Energy PLC - oil & gas company with assets in Egypt, Vietnam and Israel - Begins infill drilling programme to increase production at its TGT Field in the Cuu Long Basin offshore Vietnam. Aims to increase output to 20,000 barrels of oil per day. TGT area currently produces 14,000 barrels each day level.
Starts programme with spud of the TGT-H4-34P development well from the H4 well head platform at the southern end of the TGT field. Expects initial four-well programme to incur USD13.2m in net costs. Notes plans for two additional wells, pending budgetary approval. Says the full field development plan includes another nine contingent wells.
"After a period of enforced inactivity across all the company's operations because of the downturn and pandemic, the commencement of the TGT infill development drilling programme represents a welcome and timely return to optimising production and value," says Chief Executive Ed Story.
Current stock price: 23.17 pence, up 5.6% on Wednesday afternoon
Year-to-date change: up 25%
By Scarlett Butler; [email protected]
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