Pharos Energy Updates Drilling Program in Egypt

Thursday, May 25, 2023

Pharos Energy, in its Trading and Operations statement has updated its exploration activity in Egypt’s North Beni Suef and El Fayum concessions.

According to Jann Brown, CEO of Pharos, the drilling program in Egypt continues targeting a total of nine wells on El Fayum in 2023 and a second well on North Beni Suef. The company’s 2023 work program included a commercial discovery at the first of two exploration wells in the North Beni Suef concession.

Highlights of the Program

• The first commitment exploration well in North Beni Suef concession (NBS-1X) was declared a commercial discovery after encountering multiple pay zones in Abu Roash G Formation. The well stabilized production test rate pre-frac is 470 bopd (gross)
• Acquisition of c.110 km2 of additional 3D seismic at NBS is ongoing and the second commitment exploration well is expected to be drilled in Q3
• Two development wells were drilled on the El Fayum Concession and completed in Q1 before the rig was dispatched to NBS to drill NBS-1X. The rig is now back in El Fayum and drilling the third of nine wells in a multi-well development program
• Two commitment exploration wells in the El Fayum Concession expected to be drilled in Q2/Q3

The company completed a farm-down of its concessions to IPR in March allowing it to move forward on its exploration program fully funded.

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