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Tuesday, January 4, 2022
Pharos Energy plc announced that on the Egyptian Parliament approved the Third Amendment to its El Fayum Concession Agreement (the Third Amendment) which encourages investment into this Concession to increase production rates for the mutual benefits of Egypt and Pharos and its partners.
The Third Amendment will now go to the desk of the Egyptian President Abdel Fattah El-Sisi for ratification. Signature of the Third Amendment by the Minister of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation (EGPC) and Pharos is expected shortly thereafter.
The approved terms, which includes an increase of the cost recovery petroleum percentage and a three-and-a-half-year extension to the exploration license term, was approved by the EGPC Main Board in March 2021 and by the Egyptian Cabinet in October 2021.
The improved fiscal terms are backdated to November 2020, increasing the contractor share of revenue from c.42% to c.50% and lowering the development project break-even while in full cost recovery mode.
Signature of the El Fayum Third Amendment is one of the conditions precedent to the farm-out of a 55% share of Pharos’ interest in the El Fayum Concession and the North Beni Suef Concession to IPR, as announced on 15 September 2021.
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