Pharos Energy records value uplift in 2025 results

An energy operator in Egypt, Pharos Energy, has recorded around 1,303 barrels of oil equivalent from the region for the year ended 31 December 2025 

The company's outlook in Egypt for 2026 is set around 1,200 to 1,450 bopd, as Group working interest production guidance increased from 2025 to 5,200 - 6,400 boepd net. 

The company has also secured approval in September from EGPC Executive Board for the consolidated Concession Agreement with improved fiscal terms. The consolidated Concession Agreement comes with a committed work programme under which two wells are included and multiple targets have been identified. This follows the completion of 3D seismic data processing and interpretation from North Beni Suef (NBS).

A second rig has been contracted for North Beni Suef work, alongside a seperate rig for El Fayum. A work programme with a planned budget for six wells have been approved with preparations for implementation underway, and drilling of first well is set to begin shortly.

Parliamentary ratification of the consolidated Concession Agreement expected later in 2026; 5 October 2025 retroactive date applies.

"In Egypt, we were pleased to receive approval from EGPC for the consolidation of our two existing concessions, delivering an immediate uplift in value with 20-year lease extensions and improved fiscal terms. I am delighted that our receivable balance is now at its lowest level since December 2021 at $6.1m, due to the $20 million payment received from EGPC in December, doubling our year end cash balance," said Katherine Roe, chief executive officer, Pharos Energy.