Israeli independent Ratio Petroleum has agreed a recommended $163mn takeover of London-listed Pharos Energy, a transaction that would give it producing oil assets in Egypt and Vietnam, potentially making it the first Israeli company to hold upstream interests in Egypt. The proposed acquisition already has the backing of Pharos’ board and shareholders holding 41.8% of the company’s shares.
The move marks a significant milestone for Ratio Petroleum as it would provide the company with its first producing assets. Ratio Petroleum was established in 2017 as the exploration-focused subsidiary of Israeli gas producer Ratio Energies. (CONTINUED - 996 WORDS)
