21st Apr 2020 13:34
(Alliance News) - Pharos Energy PLC on Wednesday said it decided to withdraw its interest in relation to the acquisition of Royal Dutch Shell PLC's upstream portfolio in the Western Desert in Egypt.
The oil & gas explorer - formerly known as Soco International - said that in light of current market conditions, its board has found that the purchase is not in the best interest of shareholders. It added that it has therefore decided to withdraw from the consortium tasked with evaluating the opportunity.
"The board remains committed to its strategy of delivering sustainable long-term growth, and our strategic ambition is to deliver value for all our stakeholders through the responsible management of our current portfolio and the careful selection of growth opportunities."
In March, Pharos Energy suspended production, deferred its 2020 dividend payments and put its planned work programme under review as the price of oil crashed amid the Covid-19 outbreak.
The stock was trading 6.7% lower at 14.00 pence each on Tuesday afternoon in London.
By Ife Taiwo; [email protected]
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