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Thursday, July 9, 2020
In a trading and operational update, Pharos Energy announced that its production for the first half of 2020 from the El Fayum Concession averaged 5,979 bopd. This is in line with the Egypt 2020 production guidance given on May 12, which remains unchanged at 5,000-6,000 bopd.
As announced earlier in the year, the discretionary drilling program in Egypt was scaled back to preserve capital in the prevailing uncertain macro-economic environment. Pharos is using the break in drilling activity to reduce the cost base, whilst aiming to maintain productivity and the revenue stream.
Production operations in the field have been centered on well intervention and water-flood enhancement, utilizing the remaining active workover rig. Forward operations will be focused on further enhancing productivity from existing wells through recompletions, the addition of new producing zones, and the conversion of selected existing production wells to injector wells.
In addition, work to update the subsurface static and dynamic models to incorporate the results of the 2019 and 2020 drilling campaigns has progressed well. This work will allow further optimization of the water-flood pattern and facilitate optimized reservoir management through better well spacing when drilling recommences, which will further improve sweep efficiency, well deliverability and lead to an increased recovery. Target secondary recovery factors for water-flood activity in the El Fayum fields remain c.24%; current primary recovery factor is 8 to 12%.
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