REG - Pharos Energy PLC - Egypt Update

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RNS Number : 3620H  Pharos Energy PLC  08 June 2026

08 June 2026

Pharos Energy plc

("Pharos" or the "Company" or, together with its subsidiaries, the "Group")

Egypt Update

Pharos Energy plc, an independent energy company with assets in Vietnam and
Egypt, is pleased to provide an update on its Egyptian assets.

 

Highlights:

 

·      $12.6 million received year-to-date, clearing all receivables due
in Egypt

·      Latest collection of $3.8 million in the last week represents full
settlement through proactive engagement with the Egyptian Government

·      Collection of contingent consideration from the farm-out
transaction with IPR

·      Return to drilling in Egypt in 2026, with the first well spudded on
4 June

 

Following receipt of the $20 million payment on 31 December 2025, Pharos has
received a further $12.6 million in 2026, including $3.8 million recent
payments in June, bringing the receivables position current, the first time
since the acquisition of the assets in April 2019.

 

Pharos has continued to receive payments from EGPC on a regular basis
throughout the period, in addition to the larger payments to settle all
historic overdue receivables.

 

The settlement of Pharos' overdue Egyptian receivables reflects the Company's
proactive and constructive engagement with government partners, alongside
continued commitments from the Egyptian Government to settle all outstanding
receivables to international partners in the oil and gas sector. This progress
has been underpinned by the stronger fiscal framework established under the
new consolidated Concession Agreement, which received approval from EGPC's
Executive Board in late 2025 and expects Parliamentary ratification in 2026.

 

Furthermore, as at 3 June 2026, Pharos has collected all contingent
consideration from the farm-out transaction from its partner IPR.

 

Pharos is excited that drilling in Egypt has recommenced with a six-well work
programme, demonstrating the Company's investment back into its assets and
leveraging the improved fiscal terms to drive additional value. The first
well, Silah 8-2, spudded on 4 June 2026 and is expected to complete in June.

 

Pharos remains on track to execute its $11 million capital investment in Egypt
to unlock further value across its asset base.

 

 

Katherine Roe, Chief Executive Officer, commented:

 

"We are extremely pleased to have settled our outstanding receivables balance
with the Egyptian Government; a significant milestone since acquiring the
assets in 2019, with $12.6m paid in the year to date. The government's
collaborative approach to working with international oil and gas companies has
been very productive and reflects our strong working relationship, as well as
their continued commitment to supporting investment in the country's energy
sector.

 

"Coupled with the settlement of outstanding payments with IPR, Pharos is in an
even stronger and stable financial position. We are excited to return to
drilling in Egypt with our anticipated six-well work programme to continue to
deliver value from our Egyptian operations. We look forward to updating the
market on our progress."

 

 

Enquiries

 

Pharos Energy plc
 
                                      Tel: 020 7747 2000

Katherine Roe, Chief Executive Officer

Sue Rivett, Chief Financial Officer

 

Camarco
 
                                              Tel: 020
3757 4980

Billy Clegg | Georgia Edmonds | Violet Wilson | Eloise Quetglas-Peach

 

Notes to editors

Pharos Energy plc is an independent energy company focused on delivering
sustainable growth and returns to stakeholders, with a portfolio of stable
production, development and exploration assets in Vietnam and Egypt. Led by an
experienced team, Pharos is a cash generative business with a robust balance
sheet and an established platform to deliver both organic growth and inorganic
opportunities.

Pharos is listed on the Main Market of the London Stock Exchange. For further
information please visit www.pharos.energy
(https://url.avanan.click/v2/r02/___http:/www.pharos.energy___.YXAxZTpzaG9yZWNhcDphOm86M2ZlOGY5MzIzN2I4MzA0YjM4NDE3ZWYwN2JjNzliNzU6Nzo0MGI5OjcxYjczOWQzMDk1MWVhNDc1MjRhYjA1YWM3Y2EwZTc1ZTc2MmYyNDI5N2FmZWRiOTdjYzI4ZmJiN2Y5OTAzNDg6cDpGOk4)
.

 

 

 

 

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