29th Dec 2021 09:44
Pharos Energy PLC - London-based oil and gas exploration and production company with interests in Eygpt, Vietnam and Israel - The Egyptian Parliament has approved the third amendment to Pharos's El Fayum Concession agreement. The approved terms include an increase of the cost recovery petroleum percentage and a three-and-a-half-year extension to the exploration licence term. Pharos says the improved financial terms are backdated to November 2020, increasing the contractor share of revenue from 42% to 50%. Signature of the El Fayum amendment is one of the conditions required for the farm-out of a 55% share of Pharos's interest in the El Fayum Concession and the North Beni Suef Concession to IPR Energy AG, a oil and gas exploration and production company with projects in Egypt.
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