On Friday, Israel's Ratio Petroleum Energy announced that it had raised its offer to acquire Pharos Energy — which owns assets in Egypt and Vietnam — to around £146.4 million ($196.97 million), outbidding rival oil producer Serica Energy and thereby regaining the board's recommendation in favour of its offer.
So, what are Pharos Energy's assets in Egypt?
British company Pharos Energy holds a 45% stake in two oil and gas concessions in Egypt's Western Desert. The company originally held a much larger share — full 100% ownership. Still, in 2022 it farmed out 55% of its stake, along with operatorship, to a company called IPR Lake Qarun Petroleum, a subsidiary of multi-national Swiss-registered IPR Energy AG.
The first concession is El Fayum. Pharos Energy — then still operating as SOCO International — entered Egypt in 2019, when it completed its acquisition of Merlon Petroleum El Fayum for approximately $215 million, paid through roughly $136 million in cash and the issuance of new SOCO shares.
El Fayum is an active production asset located roughly 80 km southwest of Cairo, containing around 11 producing oil fields spread across a development area of approximately 256 square kilometres.
The second is North Beni Suef. Originally an exploration licence, it's now in active production following a commercial discovery.
