{"id":557380,"date":"2021-09-16T04:00:49","date_gmt":"2021-09-16T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/pharos-energy-to-sell-majority-stakes-in-egypt-oil-concessions\/"},"modified":"2021-09-16T04:00:49","modified_gmt":"2021-09-16T04:00:49","slug":"pharos-energy-to-sell-majority-stakes-in-egypt-oil-concessions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/pharos-energy-to-sell-majority-stakes-in-egypt-oil-concessions\/","title":{"rendered":"Pharos Energy to sell majority stakes in Egypt oil concessions"},"content":{"rendered":"

<\/a> Pharos Energy has reached a farmout agreement that will see it sell majority <\/strong>stakes in its two Egyptian oil concessions<\/strong> as it looks to repair its balance sheet following a tough year through covid. The energy company will sell a 55% working interest in each of its El Fayum and North Beni Suef concessions to IPR Energy Group<\/a> subsidiary IPR Lake Qarun for up to USD 63.4 mn, it said in a statement (pdf)<\/a> yesterday. The agreement, which values the assets up to USD 115 mn, should be completed during 1Q2022, according to the statement.<\/p>\n

2020 was tough for Pharos:<\/strong> The combination of the pandemic and the oil crash took their toll on the London-based company, which reported a USD 216 mn loss (pdf)<\/a> last year. In response, Pharos was forced to make salary cutbacks, suspend dividends, and start the process to farm out its Egypt assets last year.<\/p>\n

What Pharos is getting from the agreement:<\/strong> Pharos will receive USD 5 mn when the transaction is completed and USD 38.4 mn to fund future costs associated with its remaining shares in the concessions. Another USD 20 mn will be paid depending on Brent prices between 2022 and 2025, the statement said.<\/p>\n

What they said:<\/strong> The move will \u201cinstantly boost\u201d the company\u2019s balance sheet, and by bringing in a new partner will result in increased production, CEO Ed Story said.<\/p>\n

Advisors:<\/strong> Financial services company Jefferies is acting as financial adviser and sponsor to Pharos on the transaction.<\/p>\n

Earlier this year, Pharos Energy <\/strong>announced<\/a><\/strong>an oil discovery with potential of 4.3 mn barrels<\/strong> in its Abu Rawash Lower \u201cG\u201d reservoir, and a smaller 430k barrel deposit in its Upper Bahariya reservoir, which is part of its El Fayum concession.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pharos Energy has reached a farmout agreement that will see it sell majority stakes in its two Egyptian oil concessions as it looks to repair its balance sheet following a tough year through covid. The energy company will sell a 55% working interest in each of its El Fayum and North Beni Suef concessions to […]<\/p>\n","protected":false},"author":1,"featured_media":557381,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[93,72,7128,523],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-energy","tag-enterpriseam","tag-ma-watch","tag-pharos-energy","wpautop","entry"],"acf":{"mongo_id":"9cae00be-72fc-401b-95f5-a0878fb7fd74","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/224.jpg","photo_position":"above","related_issue":[557370],"teaser":"","voice_url":""},"yoast_head":"\nPharos Energy to sell majority stakes in Egypt oil concessions - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/pharos-energy-to-sell-majority-stakes-in-egypt-oil-concessions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pharos Energy to sell majority stakes in Egypt oil concessions\" \/>\n<meta property=\"og:description\" content=\"Pharos Energy has reached a farmout agreement that will see it sell majority stakes in its two Egyptian oil concessions as it looks to repair its balance sheet following a tough year through covid. 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Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646842,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/02\/dragon-oil-is-looking-to-invest-more-in-egypt-news-from-un-el-gouna-aaib\/","url_meta":{"origin":557380,"position":4},"title":"Dragon Oil is looking to invest more in Egypt. News from UN, El Gouna, AAIB","author":"enterpriseam admin","date":"2 October 2024","format":false,"excerpt":"The government owes Dragon Oil USD 200 mn in receivables","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569535,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/27\/apache-pharos-energy-among-bidders-for-shells-onshore-assets\/","url_meta":{"origin":557380,"position":5},"title":"Apache, Pharos Energy among bidders for Shell\u2019s onshore assets","author":"enterpriseam admin","date":"27 February 2020","format":false,"excerpt":"M&A WATCH- Apache, Apex, Cheiron among bidders for Shell\u2019s onshore assets: US oil and gas producer Apache, Egyptian firms Apex International Energy, Cheiron, and London-listed Pharos Energy have submitted bids for Shell\u2019s onshore oil and gas assets in Egypt, Reuters reports, citing informed sources. 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