Business
Activity Update
Activity Update.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4043B\n Pharos Energy PLC\n 10 June 2021\n \n \n \n \n \n \n \n 10 June 2021\n \n \n \n \n \n Pharos Energy plc\n \n \n (\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n Activity Update\n \n \n \n \n \n Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to provide an update on its activities in Egypt and Vietnam. \n \n \n \n \n \n Ed Story, President and Chief Executive Officer, commented:\n \n \n \"In Egypt the Batran-1X exploration commitment well has encountered oil in the Abu Roash Lower \"G\" (LARG) and the Upper Bahariya (UB) reservoirs. This modest discovery reconfirms the potential for additional oil on the El Fayum concession. Separately, offshore Vietnam, we are poised to commence a low risk development drilling programme in the Cuu Long Basin and a 3D seismic acquisition programme over Exploration Acreage in the Phu Khanh Basin.\"\n \n \n \n \n \n Egypt\n \n \n Batran-1X well result\n \n \n The Batran-1X commitment exploration well, drilled on a fault bounded and three-way-closed dip prospect located 4km west of the Main Tersa-1X well, reached Total Depth on Friday 4 June. \n \n \n The well encountered 52 ft (15.85m) of net oil pay in the LARG and UB sands. Additional thin pay zones may also be present in the Abu Roash \"A\", \"D\" and \"E\" sands where oil shows were also encountered whilst drilling.\n \n \n Pressure readings confirm that the oil-bearing reservoirs are at initial pressure.\n \n \n The Batran-1X well will be completed as a potential future producer in the LARG and UB reservoir sections using a workover rig as part of El Fayum field activities ramp up phase. \n \n \n 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. \n \n \n \n \n \n El Fayum concession\n \n \n The El Fayum concession prospect and lead inventory has an estimated unrisked in-place volume potential of >400 mmbbls in 40 prospects all with \"more of the same geology\" and covered by the existing 3D seismic. Of this total >220 mmbbls is in prospects close to existing infrastructure and 156 mmbbls is located within current long-term development leases. An additional 230 mmbbls of unrisked in pla...