07:00 Thu 29 Jul 2021
Pharos Energy PLC - Vietnam Operational and RBL Update
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries, the "Group")
Vietnam Operational and RBL Update
Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to announce the completion of its 3D seismic programme on the western part of Block 125 in the
"The 909 km2 3D seismic programme in Block 125 was acquired over the past several weeks, and in combination with our 7,107 line km of 2D seismic acquired in 2019 across Blocks 125 & 126, this fulfils our geophysical commitment over both blocks.
I am also pleased to announce the completion of the refinancing of our RBL, which is secured solely against our
Block 125 3D seismic survey
The 909 km2 3D seismic programme was acquired on behalf of Pharos by Shearwater GeoServices Singapore Pte Ltd, using the SW Vespucci seismic vessel (a photograph of which is available on our corporate website at www.pharos.energy). The total survey sail line of 2,273 km was shot across water depths between 100m to 2,300m.
The capital spend for the acquisition of the 3D survey is circa
Blocks 125 & 126
Blocks 125 & 126 comprise 10,691 km2 of acreage in the southern part of the
The Production Sharing Contract for Blocks 125 & 126 was signed on
The virtually unexplored
RBL
The Group has also completed the refinancing of its Reserve Based Lending Facility ("RBL") secured against the Group's producing assets in
The original RBL, which was signed in
Shepherd & Wedderburn LLP acted as the Company's legal adviser. Herbert Smith Freehills LLP advised the banks.
Enquiries
Pharos Energy plc Tel: 020 7747 2000
Ed Story, President and Chief Executive Officer
Sue Rivett, Chief Financial Officer
Camarco Tel: 020 3757 4980
Billy Clegg | Owen Roberts | Monique Perks
Notes to editors
Pharos Energy plc is an independent oil and gas exploration and production company with a focus on sustainable growth and returns to stakeholders, which is listed on the London Stock Exchange. Pharos has production, development and/or exploration interests in Egypt, Vietnam and Israel. In Egypt, Pharos holds a 100% working interest in the El Fayum oil Concession in the Western Desert. The Concession produces from 10 fields and is located 80 km southwest of Cairo. It is operated by Petrosilah, a 50/50 JV between Pharos and the Egyptian General Petroleum Corporation (EGPC). Pharos is also an operator with a 100% working interest in the North Beni Suef (NBS) Concession, which is located immediately south of the El Fayum Concession. In Vietnam, Pharos has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) Field and is operated by the Hoang Long Joint Operating Company. Pharos' unitised interest in the TGT Field is 29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang (CVN) Field located in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Blocks 16-1 and 9-2 are located in the shallow water
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