The first half of 2022 has been a busy period of strategic and operational activity for Pharos Energy (LSE:PHAR) Plc.
The oil and gas exploration and production company with interests in Egypt, Vietnam and Israel has secured licence extensions, actioned share buybacks and undergone management changes; the latter resulting in one of the most diverse boards in the oil and gas sector.
Jann Brown took over the reins as chief executive in January, and she tells Proactive about the licence extensions being applied for the “mature high value, rapid payback, high net back assets” in Vietnam.
In Egypt, Brown talks about the enhancement of licence terms. “For every barrel of oil we sell now," says Brown, “we get 20%, more of the revenues than we did before the license enhancement.”
With state backing and partner support, Pharos has secured a rig on a ‘game changing’ long-term contract in Egypt allowing continuous uninterrupted drilling programme there, while Vietnam continues to provide very rapid paybacks from any investment and “a really exciting potential basin opening play, which is due to be drilled next year.”