6th Mar 2020 08:33
(Alliance News) - Pharos Energy PLC on Friday confirmed that it is a part of a consortium that is evaluating the acquisition of Royal Dutch Shell PLC's upstream portfolio in the Western Desert in Egypt.
The oil & gas explorer, which was previously called Soco International, added that there can be no certainty over any transaction with Shell and that it will update the market as and when it is appropriate to do so.
"The board evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. 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," Pharos said, noting that it remains committed to its strategy of delivering sustainable long-term growth.
Shell's Egyptian unit in October 2019 launched a process to sell its onshore upstream assets in the Western Desert to focus on expanding its Egyptian offshore gas exploration.
Pharos Energy shares were down 1.7% at 28.50 pence each in London on Friday morning. Class A shares in Shell were down 0.9% at 1,674.00p each.
By Tapan Panchal; [email protected]
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