TIDMPHAR
RNS Number : 8143G
Pharos Energy PLC
29 July 2021
29 July 2021
Pharos Energy plc
("Pharos" or the "Company" or, together with its subsidiaries,
the "Group")
Vietnam Operational and RBL Update
Pharos Energy plc, an independent oil and gas exploration and
production company, is pleased to announce the completion of its 3D
seismic programme on the western part of Block 125 in the Phu Khanh
Basin, offshore Vietnam; and the completion of the refinancing of
its Reserve Based Lending Facility ("RBL") secured against the
Group's producing assets in Vietnam.
Ed Story, President and Chief Executive Officer, commented:
"The 909 km(2) 3D seismic programme in Block 125 was acquired
over the past several weeks, and in combination with our 7,107 line
km of 2D seismic acquired in 2019 across Blocks 125 & 126, this
fulfils our geophysical commitment over both blocks. The Phu Khanh
Basin is geologically analogous to most of the prolific hydrocarbon
producing basins of Southeast Asia and it represents the last
unexplored frontier in Vietnam. The 3D seismic, once processed and
interpreted, will give us, and our local partner SOVICO, an
unrivalled data set to identify prospectivity anywhere between the
source kitchen in the basin deep all along the predicted oil
migration pathway to the shallow basin margin. We will use this
data to attract an investment partner for any subsequent drilling
phase. Exposure to acreage with such material potential can be
truly transformational for many companies but particularly for one
the size of Pharos.
I am also pleased to announce the completion of the refinancing
of our RBL, which is secured solely against our Vietnam assets.
This rephases the repayment schedule and extends the tenor of the
facility by 22 months, providing immediate additional liquidity of
circa US$20m."
Block 125 3D seismic survey
The 909 km(2) 3D seismic programme was acquired on behalf of
Pharos by Shearwater GeoServices Singapore Pte Ltd, using the SW
Vespucci seismic vessel (a photograph of which is available on our
corporate website at www.pharos.energy). The total survey sail line
of 2,273 km was shot across water depths between 100m to
2,300m.
The capital spend for the acquisition of the 3D survey is circa
US$7.5m net to Pharos. Seismic processing tenders have been issued
and, following review, a contract will be awarded shortly. The
final seismic processed results are expected in H1 2022.
Blocks 125 & 126 Phu Khanh Basin background
Blocks 125 & 126 comprise 10,691 km(2) of acreage in the
southern part of the Phu Khanh Basin.
The Production Sharing Contract for Blocks 125 & 126 was
signed on 27 October 2017 and the Investment Registration
Certificate defining the contractual Effective Date was issued on 9
November 2017. The blocks are operated by SEVL (a 100% subsidiary
of Pharos) with a 70% working interest, and a local partner,
SOVICO, holds the remaining 30% working interest.
The virtually unexplored Phu Khanh Basin is geologically
analogous to many of the prolific hydrocarbon basins in Southeast
Asia. A well drilled in 2009 in 182m of water in the extreme west
of Block 124 (currently held by ENI 100%), to the immediate north
of Block 125, encountered 21m of net oil pay in Miocene carbonates,
thus confirming the presence of a working petroleum system in the
Phu Khanh Basin.
RBL
The Group has also completed the refinancing of its Reserve
Based Lending Facility ("RBL") secured against the Group's
producing assets in Vietnam. The new RBL will provide access to up
to a committed US$100m with a further US$50m available on an
uncommitted "accordion" basis and has a four-year term that matures
in July 2025. In connection with the refinancing, Pharos is
delighted to welcome Société Générale to the banking group
alongside BNP Paribas, Crédit Agricole Corporate and Investment
Bank and DBS. Société Générale replaces Standard Chartered Bank in
the lender group.
The original RBL, which was signed in September 2018 and was due
to mature in September 2023, had an outstanding loan balance of
US$56.3m at expiry. The new RBL extends the tenor of the facility
by 22 months, allowing for a rephasing of the repayment schedule
and the provision of additional funds available for general
corporate purposes.
Shepherd & Wedderburn LLP acted as the Company's legal
adviser. Herbert Smith Freehills LLP advised the banks.
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, northeast 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.
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