Pharos Energy (PHAR): Vietnam six-well drilling programme
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PHAR Pharos Energy
21 Oct 2025 · Drilling started 18 Oct on first TGT infill well · −2% until the next step
Vietnam six-well drilling programme, designed to drive material production growth from both existing fields from 2026 and de-risk additional development opportunities, commenced well operations on 18
9 Dec 2025 · Two rigs running; first TGT well on production · +3% until the next step
The second infill well, targeting H5 fault block, commenced on 2 December and is expected to take 28 days to drill and complete.
22 Jan 2026 · Two TGT infills on production; three wells under way or pending · +28% until the next step
Drilling of the final infill well in the sequence on the H4 fault block is expected to commence in February and finish in March
25 Mar 2026 · Three infills drilled; TGT-18X testing; CNV-5X drilling · +1% until the next step
TGT-18X appraisal well: drilling completed on time and budget with testing underway; update to the market on the results of the testing expected in April or early May
12 May 2026 · Five of six wells drilled; CNV-5X drilling · +6% until the next step
Drilling of the final appraisal well, CNV-5X, on track to complete by mid-year 2026:
8 Jun 2026 · First of six wells spudded 4 June · −13% until the next step
The first well, Silah 8-2, spudded on 4 June 2026 and is expected to complete in June.
16 Jul 2026 · Five of six wells done; CNV-5X finishing · +18% until the next step
Drilling of the final appraisal well, CNV-5X, on track to complete by end of July 2026:
23 Sep 2026 · Two of six wells drilled; third rig mobilising · −2% since
Following completion of this six-well programme, in August 2026, the JOCs received approval from PetroVietnam to drill an additional sidetrack appraisal well (TGT-20X) in 2026, utilising supplies from
Vietnam six-well drilling programme
Two of six wells drilled; third rig mobilising
Next: Aboud 1-5 on production early October; third well at NBS
Every step · 8
- 21 Oct 2025 Drilling started 18 Oct on first TGT infill well – Vietnam six-well drilling programme, designed to drive material production growth from both existing fields from 2026 and de-risk additional development... ↗
- 9 Dec 2025 Two rigs running; first TGT well on production – The second infill well, targeting H5 fault block, commenced on 2 December and is expected to take 28 days to drill and complete. ↗
- 22 Jan 2026 Two TGT infills on production; three wells under way or pending – Drilling of the final infill well in the sequence on the H4 fault block is expected to commence in February and finish in March ↗
- 25 Mar 2026 Three infills drilled; TGT-18X testing; CNV-5X drilling – TGT-18X appraisal well: drilling completed on time and budget with testing underway; update to the market on the results of the testing expected in April or... ↗
- 12 May 2026 Five of six wells drilled; CNV-5X drilling – Drilling of the final appraisal well, CNV-5X, on track to complete by mid-year 2026: ↗
- 8 Jun 2026 First of six wells spudded 4 June – The first well, Silah 8-2, spudded on 4 June 2026 and is expected to complete in June. ↗
- 16 Jul 2026 Five of six wells done; CNV-5X finishing – Drilling of the final appraisal well, CNV-5X, on track to complete by end of July 2026: ↗
- 23 Sep 2026 Two of six wells drilled; third rig mobilising – Following completion of this six-well programme, in August 2026, the JOCs received approval from PetroVietnam to drill an additional sidetrack appraisal... ↗
What is happening
Pharos Energy: Vietnam six-well drilling programme – Two of six wells drilled; third rig mobilising. ['Two of six wells drilled; third rig mobilising']
- In short
- 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.
- Announced
- 21 Oct 2025 · Drilling started 18 Oct on first TGT infill well
- Latest
- 23 Sep 2026 · Six wells done; TGT-20X to spud late September
- Next milestone
- Aboud 1-5 on production early October 2026; Silah 8-2 tie-back; third well at NBS
- Programme
- Six-well Egypt programme; first well completed 9 July 2026
- Egypt capex
- $2.2m spent in 1H 2026; six-well programme under way
- Receivables
- $1.7m at 30 June 2026 (31 Dec 2025: $7.4m); $13.7m received in 1H 2026
- Concession
- Formal ratification of consolidation of existing assets expected in due course
- IPR consideration
- All contingent consideration from farm-out collected as at 3 June 2026
- Capex
- $11m Egypt capex for 2026; c.$2.5m spent to date
- Aboud 1-5
- Completed drilling 9 Sep 2026; initial test rate c.300 bopd, in line with pre-drill expectations
What comes next
Aboud 1-5 on production early October; third well at NBS.
From the company's own announcements. Not investment advice.
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