Pharos Energy (PHAR) has announced a discovery it considers reconfirms the potential for additional oil on the El Fayum concession, Egypt, and that it is about to commence development drilling in the Cuu Long Basin and 3D seismic acquisition in the Phu Khanh Basin, offshore Vietnam. Having helped the shares up to 25.6p, what now?
The discovery is the Batran-1X commitment exploration well encountering 52 ft (15.85m) of net oil pay in the LARG and UB sands, with potential additional thin pay zones in Abu Roash sands. It is stated “the preliminary post-well in-place volume and resource estimates for the LARG and UB discoveries are 4.3 mmbbls and 430,000 bbls respectively”.
With an estimated unrisked in-place volume potential of more than 400mmbbls in the El Fayum concession prospect and lead inventory, the discovery is described as “modest”, but the reconfirmed potential should further help a farm out process the company has stated had already attracted a number of attractive bids. Meanwhile, with the production already in in the shallow water Cuu Long Basin, that development drilling programme is relatively low risk.
Albeit a broker to the company, Auctus Advisors has stated a farm-in partner would allow Pharos to bring a third rig in Egypt and add 17p per share to its Core NAV, to 50p per share. We noted on 23.3p offer price (£103 million market cap) April recommendation, we targeting 34p as activity further ramps up in the next months and consider there the potential catalysts for this.
Filed under: Pharos Energy, Neill Ricketts, Tesco, Lekoil, Bidstack, HotStockRockets
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