Business
Receivable payment from EGPC
Pharos Energy plc has received a $20 million payment from the Egyptian General Petroleum Corporation (EGPC), reducing its outstanding receivable balance in Egypt to $7.4 million, the lowest since December 2021. This payment, combined with improved fiscal terms from a consolidated Concession Agreement, is expected to enhance the investment framework for Pharos's Egyptian assets and unlock long-term value. The company is also preparing to commence a drilling campaign to increase production. Disclaimer*
About this update from Pharos Energy Plc
[{"type":"text","content":"\n\nPharos Energy plc\n(\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\nReceivable payment from EGPC\nPharos Energy plc, an independent energy company with assets in Vietnam and Egypt, is pleased to announce that it has received today $20 million from the Egyptian General Petroleum Corporation (EGPC) against its outstanding receivable balance in Egypt.\n \n \nKatherine Roe, Chief Executive Officer, commented:\n \n\"We are pleased to announce that we have received a $20 million payment from EGPC, reducing our outstanding receivable balance to $7.4m, inclusive of estimated revenues to December 2025. This is our lowest receivable balance since December 2021. This very welcome progress towards recovery of our receivables, together with the improved fiscal terms from our consolidated Concession Agreement approved by EGPC in September, will allow us to benefit from the attractive investment framework across our Egyptian assets and further unlock long-term value for all stakeholders.\n \n\"I would like to thank EGPC and the Egyptian authorities for their positive engagement and continued support. We look forward to starting our drilling campaign in cooperation with our partner IPR and to increasing production from our assets, in line with the target of the Egyptian Ministry of Petroleum & Mineral Resources.\"\n \n \n \n \n \nEnquiries\n \nPharos Energy plc Tel: 020 7747 2000\nKatherine Roe, Chief Executive Officer \nSue Rivett, Chief Financial Officer\n \nCamarco &...