Egypt: Pharos launches its first drilling campaign
Pharos Energy has resumed drilling in Egypt on the El Fayoum concession, the company said. The first stage involves a three-well development program.
"I am pleased to announce that after a significant period of restricted activity in Egypt, we have resumed development drilling operations at El Fayoum," said Pharos President and CEO Ed Story.
"This three-well development infill drilling program will help increase production prior to the main multi-year, multi-well program that will be drilled after the IPR transaction is finalized, at which time our upfront costs will be borne by our new partner in the Concession."
In mid-September, Pharos announced the sale and farm-out of a 55% interest in its El Fayum and North Beni Suef permits to IPR Lake Qarun Petroleum of IPR Energy. Pharos said shareholders would vote on the deal at an EGM, scheduled before the end of the year.
The first well of the three-well program is expected to take 24 days. It will use the ECDC-2 drilling rig. The well targets the oil-bearing sandstones of the Abu Roash G and Upper Bahariya formations.
Pharos said it would drill this well on the North Silah Deep field.
The three-well program is expected to be completed in February 2022.
Petrosilah is tendering for two drilling rigs to continue the campaign. This would start in the first half of 2022.