Cash-strapped Pharos Energy is eying the part sale of its Egypt assets. London-listed Pharos in 2019 paid $207mn to enter Egypt, but wrote down Egypt by 70% to $60.5mn in August (MEES, 28 August 2020)
From 6,000 b/d in 1H 2020, output slumped to just 4,500 b/d for 2H 2020, the firm’s 5,270 b/d full year figure implies. The mature acreage needs constant drilling to maintain output. But, as oil prices slumped, Pharos in Q2 last year terminated five of six rigs. (CONTINUED - 256 WORDS)