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Pharos Energy ( (GB:PHAR) ) has shared an announcement.
Pharos Energy plc has announced a non-binding Memorandum of Understanding with the Egyptian General Petroleum Corporation (EGPC) for the merger of the El Fayum and North Beni Suef Concession Agreements. This merger aims to unlock significant value in the Western Desert by improving fiscal terms, extending concession terms, and committing to additional work programs to boost production. The MOU signifies a critical step in Pharos’s strategy to consolidate its Egyptian portfolio, which is expected to generate substantial value for shareholders. The agreement underscores the company’s commitment to organic growth and enhancing shareholder returns.
More about Pharos Energy
Pharos Energy plc is an independent energy company focusing on sustainable growth and returns to stakeholders, listed on the London Stock Exchange. It holds significant interests in Egypt and Vietnam, with assets including the El Fayum and North Beni Suef concessions in Egypt and Blocks 16-1 and 9-2 in Vietnam. The company operates in both exploration and production, with a strong emphasis on organic growth and shareholder value.
YTD Price Performance: 1.33%
Average Trading Volume: 9,000
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $124.7M
Find detailed analytics on PHAR stock on TipRanks’ Stock Analysis page.