London-listed Pharos Energy says “good progress is being made” in its efforts to farm-out part of its 100% El Fayum concession in Egypt. In a 1 June operations update, the firm says “an announcement of the details will be made as soon as possible” after it initially announced its intentions to reduce its stake at the concession in January (MEES, 15 January).
El Fayum production averaged 4,010 b/d over the first four months of 2021 and Pharos says it is sticking to its 2021 guidance of 4,000-4,400 b/d ahead of any possible farm-out. Pharos will be hoping improved terms agreed with Egypt state oil firm EGPC in March will encourage firms to show interest in the concession (MEES, 2 April). (CONTINUED - 175 WORDS)