Texas-based IPR has agreed to pay London-based Pharos up to $63.25mn for a 55% operator’s stake in two concessions in Egypt’s Western Desert. This follow’s the Houston-based firm’s abortive attempt to buy Dana Gas’ Egypt assets earlier this year (MEES, 30 April).
IPR will pay just $5mn up front in addition to covering Pharos (which retains 45%) for $38.425mn future spending. The final $20mn depends on 2022-25 Brent prices; the $62-90/B floor/cap range suggests additional payments will likely be well shy of $20mn. (CONTINUED - 374 WORDS)