Pharos Energy Plc (LSE: PHAR): Better terms for Egypt licences
• Pharos and IPR have received approval from EGPC's Executive Board for the consolidation of the El Fayum and NBS concession agreements. Pharos retains its 45%.• The new consolidated concession carries a term of up to 20 years—comprising an initial 15-year period and a five-year extension—valid through 2045 (previously 2034 for El Fayum and 2043 for NBS).
• The agreement includes three newly awarded exploration areas. Development leases awarded from these areas will have up to a 30-year term through an initial 20-year period, plus two five-year extensions.
• Following the concession consolidation, fiscal terms have materially improved: for Brent prices between US$60/bbl and US$80/bbl and gross production
Soco International is an oil and gas exploration and production company. Co. has exploration, development and production interests in Vietnam, and exploration and appraisal interests in the Republic of Congo and Angola. As of Dec 31 2016, Co.'s commercial reserves were 33.3 million barrels of oil equivalent.
Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.
The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy.
Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors.
Auctus provides Corporate Broking, Equity Research and Investment Banking services.
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