Pharos Energy Returns to Drilling in Fayoum Concession

Pharos Energy Returns to Drilling in Fayoum Concession

Pharos Energy Company announced that it has returned to drilling in the Fayoum Concession. The company started its drilling with an “interim three-wells development program”.

Pharos started operations on the first well of the three-well program. The drilling of the first well was conducted using the ECDC-2 Drilling Rig, with expectations to last for 24 days. The well targeted “the oil-bearing sandstones on the Abu Roash ‘G’ and Upper Bahariya Formations, in a structurally optimal position within the North Silah Deep field,” the company said.

“I am pleased to announce that, after a significant period of restricted activity in Egypt, we have recommenced development drilling operations in El Fayum. This three-well infill development drilling program will help increase production ahead of the main multi-year and multi-well program to be drilled following completion of the IPR transaction, at which time our initial costs will be carried by our new partner in the concession,” Pharos Energy’s CEO Ed Story said.

The three-well program is set to be complete by February 2022, having an estimated capital spend of circa $2.4m net to Pharos.

Sarah Samir 2789 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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