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Friday, May 20, 2022
Pharos Energy plc provided a Trading and Operations update in advance of the company’s AGM, that highlighted its operations in Egypt.
El Fayum Production
The transaction with IPR and transfer of operatorship completed on 21 March 2022. Working interest production has therefore been calculated as 100% through to completion and 45% thereafter. Production from El Fayum from 1 January to 30 April 2022 averaged 3,001 bopd gross and 2,391 bopd net to Pharos. The Group’s Egypt production guidance for 2022 is 1,350-1,800 bopd, equivalent to gross production of 3,000-4,000 bopd.
El Fayum Development and Operations
Development drilling in El Fayum continues, with three new wells brought online as of 5 May 2022 and a fourth well is currently being drilled. The Company expects that at least one further well will be drilled using this current rig, which would deliver the lower end of the guidance range. Rig availability remains a priority focus this year due to the levels of activity in country and securing a rig for the remainder of the year is a key driver of delivering the top end of guidance. Subject to securing that rig, with several options under consideration, IPR has included a further four wells in the plan for the year. IPR current development plan is focused on drilling high value wells with a steady ramp up in activities. This approach allows the incorporation of new subsurface learnings and optimization of future well locations and is based on their experience in other operations in Egypt.
Two workover rigs continue to restore production through well repairs and recompletions. Gross oil production from El Fayum has steadily increased from 2,800 bopd in January to 3,300 bopd in April.
North Beni Suef (NBS)
Following the completion of the farm-down to IPR, the partners now plan to drill a commitment well in Q4 2022, acquire ~ 110 km2 of seismic data and request a one-year extension to the exploration period from EGPC.
Jann Brown, Chief Executive Officer, commented: “The completion of the farm down of our Concessions in Egypt, announced on 24 March, means that we are now fully funded to move forward with our new partner IPR such that we can in time access the full 2P reserves base. The capex program and production guidance for Egypt provided for this year reflect the challenges in the local rig markets, while in Vietnam a rig has been secured for the drilling program due to commence in H2 2022. With our corporate cost base reset, our carried position in Egypt and the fast payback on investments in Vietnam, we are well positioned to deliver strong cash flow and drive value for our stakeholders.”
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