Pharos Energy
PHAR · Main Market · Energy · mcap £122m · 29.3p 3 open situations →
Open · 3
Offer for the company
Ratio agreed a recommended cash offer on 24 Jun 2026 and the Scheme Document followed on 21 Jul. Serica's rival bid on 26 Jul lapsed on 13 Aug after Ratio raised its offer on 7 Aug. Shareholders approved the scheme on 28 Aug. The 23 Sep interim results say Ratio and Pharos are pursuing the required Vietnam and Egypt consents, with the Sanction Hearing still to come.
- Irrevocables
- 173,850,637 Pharos Shares, approximately 41.76% of issued share capital 23 Sep 2026 ↗
- Court Meeting
- 98.45% of Scheme Shares voted in favour; 42 of 54 holders (77.78%) for, on 28 Aug 2026 28 Aug 2026 ↗
- General Meeting
- 98.46% of votes cast in favour (320,475,890 for, 5,026,894 against) 28 Aug 2026 ↗
- Remaining conditions
- Remaining Regulatory Conditions and Court sanction at the Sanction Hearing 28 Aug 2026 ↗
- Timetable
- Scheme expected to become Effective in H1 2027; company will update shareholders on progress 23 Sep 2026 ↗
- Bidder
- Ratio Petroleum Energy LP; Serica offer lapsed 13 Aug 2026, barred from bidding for 12 months 23 Sep 2026 ↗
Next: Remaining Vietnam and Egypt regulatory consents, then court Sanction Hearing
- 23 Sep 2026 approved
- 28 Aug 2026 offer
- 13 Aug 2026 recommendation withdrawn
- 24 Jun 2026 offer · 28p
Vietnam six-well drilling programme
The Egypt six-well campaign began in Dec 2025. Silah 8-2 finished drilling on 9 Jul 2026 and awaits tie-back. Aboud 1-5 finished on 9 Sep 2026, testing at c.300 bopd, in line with pre-drill expectations, with production expected in early October. The rig now moves to NBS for the third well. Egypt output is below expectations and ratification of the consolidated concession is still awaited.
- Next milestone
- Aboud 1-5 on production early October 2026; Silah 8-2 tie-back; third well at NBS 23 Sep 2026 ↗
- Programme
- Six-well Egypt programme; first well completed 9 July 2026 16 Jul 2026 ↗
- Egypt capex
- $2.2m spent in 1H 2026; six-well programme under way 23 Sep 2026 ↗
- Receivables
- $1.7m at 30 June 2026 (31 Dec 2025: $7.4m); $13.7m received in 1H 2026 23 Sep 2026 ↗
- Concession
- Formal ratification of consolidation of existing assets expected in due course 23 Sep 2026 ↗
- IPR consideration
- All contingent consideration from farm-out collected as at 3 June 2026
Next: Aboud 1-5 on production early October; third well at NBS
- 23 Sep 2026 Six wells done; TGT-20X to spud late September
- 16 Jul 2026 Five of six wells done; CNV-5X finishing
- 8 Jun 2026 First of six wells spudded 4 June
- 12 May 2026 Five of six wells drilled; CNV-5X drilling
Blocks 125 & 126 farm-in
Pharos has been in farm-in discussions on Blocks 125 & 126 since Dec 2025. The 23 Sep 2026 interim results describe a formal process run with an independent adviser, with very encouraging engagement. Rig contractor talks continue to keep the option of drilling the prospect. No partner or terms have been announced.
- Process
- Formal process with independent third-party adviser to find a farm-in partner before exploration drilling 23 Sep 2026 ↗
- Partner status
- No partner or terms announced; engagement described as very encouraging 23 Sep 2026 ↗
- Rig
- Discussions continue with rig contractors to retain optionality 23 Sep 2026 ↗
Next: Identify farm-in partner before exploration drilling
- 23 Sep 2026 Formal farm-out process, encouraging engagement
- 16 Jul 2026 Farm-in discussions continuing
- 12 May 2026 Discussions continue with potential farm-in partners
- 25 Mar 2026 Formal farm-out process ongoing; discussions continue
Company filings. Not investment advice.