Petroleum Africa
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Thursday, March 12, 2020
In its preliminary results for the year ended December 31, 2019, Pharos Energy updated its operations in Egypt as well as gave insight to its 2020 program in the North African country.
From April 2 through December 31, the company saw production of 5,055 bopd. It also expanded its El Fayum operations and ESG enhancements; increased drilling activity and commencement of waterflood implementation in the Greater Silah Area. Pharos was also able to reduce GHG emissions through the elimination of 730,000 liters of diesel use per year and associated emissions and achieved a 30% reduction in flared gas at the North Silah Deep site.
Going forward in 2020, the company will look to appropriate pacing of a low-cost multi-well producer and water-injector program, to proceed with waterflood implementation to increase production and recovery.
The Phase Two program of associated gas-powered electrical generators is planned to reduce CO2 emissions further and the use of solar power sources for electrical generation at satellite wellsite(s) is under investigation. Further, company will conduct a low-cost evaluation of the oil development potential of the recently awarded North Beni Suef Concession which straddles the Nile across both the Western and Eastern Deserts
Ed Story, President and Chief Executive Officer, commented: “In these turbulent times of global market uncertainties we remain focused on financial discipline and are now taking appropriate measures to preserve shareholder value. We are confident that through a combination of our low gearing, low commitments, low oil price break-evens for Vietnam and the flexibility offered by deferring some of our largely discretionary investments in Egypt, the business is well placed to weather the challenging macroeconomic conditions whilst retaining the growth opportunities. Operating a sustainable business remains a key priority for Pharos and environmental, social and governance (ESG) issues are at the heart of how we run the business. We continue to make ESG enhancements including new Independent Board appointments, social investments and reductions in greenhouse gas (GHG) emissions in our operations. We believe these prompt actions ensure the business is in the best possible position to weather the current uncertainties.”
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