Pharos Energy (LSE:PHAR) said it has received approval from the Vietnamese government for the two-year extension of phase one of the exploration period of the block 125 and 126 Production Sharing Contract.
The contract will now run until 7 November 2025.
“This approval shows the encouraging level of support from the government while we progress our discussions with a number of interested parties to secure a farm-in partner before drilling the commitment well on Block 125,” said Jann Brown, CEO of the independent energy company.