Business
Response to Press Speculation
Response to Press Speculation.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 2143F\n Pharos Energy PLC\n 06 March 2020\n \n \n \n \n 6 March 2020\n \n \n Response to Press Speculation\n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n \n \n \n \n \n FOR IMMEDIATE RELEASE\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 Response to Press Speculation\n \n \n Pharos Energy plc (\"Pharos\") notes the recent press speculation regarding its interest in the acquisition of Royal Dutch Shell plc's (\"Shell\") upstream portfolio in the Western Desert in Egypt. Pharos confirms that it is participating as part of a consortium in Shell's sale process for these assets and is in the preliminary stages of its evaluation. \n \n \n \n \n \n There can be no certainty that any definitive, binding proposal will be made to Shell or that any transaction will occur. Pharos will update the market as and when it is appropriate to do so.\n \n \n \n \n \n Pharos' Board (\"Board\") remains committed to its strategy of delivering sustainable long-term growth, and our strategic ambition is to deliver value for all our stakeholders through the responsible management of our current portfolio and the careful selection of growth opportunities. The Board evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. Any transaction will be pursued only if the Board determines it to be in the best interest of stakeholders and will be subject to shareholder approval.\n \n \n \n \n \n \n \n \n Enquiries\n \n \n Pharos Energy plc \n Tel: 020 7747 2000\n \n \n Ed Story, President and Chief Executive Officer \n \n \n Jann Brown, Managing Director and Chief Financial Officer\n \n \n Mike Watts, Managing Director\n \n \n Sharan Dhami, Group Head of Investor Relations \n \n \n \n \n \n Camarco \n \n \n \n ...