Pharos Energy PLC Vietnam Operational Update (8995F)
21 Julio 2021 - 01:00AM
UK Regulatory
TIDMPHAR
RNS Number : 8995F
Pharos Energy PLC
21 July 2021
21 July 2021
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries,
the "Group")
Commencement of TGT Field Infill Development Drilling
Programme
Pharos Energy plc, an independent oil and gas exploration and
production company, is pleased to announce the commencement of the
TGT Field Infill Development Drilling Programme.
Ed Story, President and Chief Executive Officer, commented:
"After a period of enforced inactivity across all the company's
operations because of the downturn and pandemic, the commencement
of the TGT infill development drilling programme represents a
welcome and timely return to optimising production and value. In
addition to the firm four wells planned for this year, two further
wells are expected to be drilled next year once approved during the
annual autumn budget process. The Full Field Development Plan also
contains a further 9 contingent wells to be drilled in the years to
come."
TGT Field Infill Development Drilling
The company announces the spud of the TGT-H4-34P development
well from the H4 well head platform at the southern end of the TGT
field, located in 47m of water depth in the Cuu Long Basin offshore
Vietnam. The well is being drilled using the jack-up drilling rig
PVDII (a photograph of the rig on the H4 platform can be found on
our corporate website at www.pharos.energy ). The initial four-well
programme will run to the end of this year with an additional two
wells pending budgetary approval later this year.
The TGT-H4-34P well is the first infill well in a planned
four-well programme across the TGT field. Once each well is
completed, it will be tied into the existing TGT processing
facilities, contributing to the group's production.
The capital spend for the initial four-well programme is
c.$13.2m net to Pharos.
TGT Field Background
The TGT field was discovered by Pharos and developed by the
Hoang Long Joint Operating Company (with our partners PTTEP and
PVEP), via three unmanned platforms and an FPSO.
Production commenced at 30,000 bopd in August 2011 and peak
production of 55,000 bopd was reached in 2012/2013. The field,
although in natural decline, is currently producing around 14,000
bopd and the full infill programme is designed to increase
production to around 20,000 bopd.
The high-quality crude is sold domestically and commands a
premium to Brent (currently $1.71/bbl). Historically, the oil price
premium has been priced well above this figure, the maximum being
$5.85/bbl.
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 Cuu Long
Basin, offshore southern Vietnam. Pharos also holds a 70% interest
in and is designated operator of Blocks 125 & 126, located in
the moderate to deep water Phu Khanh Basin, north east of the Cuu
Long Basin, offshore central Vietnam. In Israel, Pharos together
with Cairn Energy plc and Israel's Ratio Oil Exploration, have
eight licences offshore Israel. Each party has an equal working
interest and Cairn is the operator.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDSEFEFSEFSEDW
(END) Dow Jones Newswires
July 21, 2021 02:00 ET (06:00 GMT)
Pharos Energy (LSE:PHAR)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Pharos Energy (LSE:PHAR)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024