Petroleum Africa
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Thursday, January 9, 2020
Pharos Energy recently offered an update on its Egypt operations and production guidance. At its El Fayum asset (100% participating interest; operated by Petrosilah JOC). there are currently three drilling rigs and three workover rigs in operation at El Fayum. Since completion of the acquisition, ten development wells and three injector wells have been drilled within the El Fayum concession.
Post completion, a second cold stacked drilling rig was contracted which started drilling in mid-July. In August, the same rig underwent a 45-day maintenance program, after which the rig recommenced drilling with improved performance. In November, a third drilling rig was contracted and started drilling on December 9.
Operations and workover rigs have focused on optimizing existing waterflood areas, improving artificial lift performance, and restoring production from inactive wells to increase production.
The company said production from the El Fayum concession averaged 5,055 barrels of oil per day (bopd) from April 2 to December 31, 2019. The exit rate of 6,007 bopd achieved at 31 December 2019 was short of the guided exit rate of 6,500 bopd due to operational delays. Three rigs will be running through Q1 2020 as a catch-up for the earlier operational delays, after which the drilling program will revert to two rigs. Egypt production guidance for 2020 is 6,500 to 7,500 bopd net
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