Pharos Energy production from El Fayum concession averaged 4,010 barrels of oil per day, (bbl/d) starting from January 1 to April 3, according to company’s statement.
The company has also kept its production guidance for 2021 at 4,000-4,400 bbl/d, prior to any investment from a farm-in partner. As for the Batran commitment exploration well, it is being operated targeting 15 million barrels of oil (mmbbl).
Per the statement, the well, located in a prospect near to the Tersa field, has encountered oil whilst drilling in the Abu Roash A, D, and E reservoirs and it is expected to reach total depth (TD) shortly when confirmatory wireline logs will be run.
Pharos also updated its progress on the waterflooding program, stating that it is currently in Phase 1B, referring to a good progress is being made on farm out negotiations and the company is expected to make an announcement soon.
Commenting on the company’s results, Ed Story, President, and CEO of Pharos Energy stated that “In Egypt, good progress has been made to find the right partner to support the funding of the development plan for the discovered resource in El Fayum. In addition, modest capital is being allocated to the organic growth potential of some of our exploration assets.”