North Beni Suef
The North Beni Suef is located south of the El Fayum concession in the low-cost highly prolific Western Desert, about 80km south west of Cairo and close to local energy infrastructure.
Acreage
3D seismic
Working interest
The Group was successful in their bid for the North Beni Suef concession in February 2019, following a bid round.
On 15 September 2021, the Group announced that the Pharos Group has entered into conditional agreements for the farm-out and sale of a 55% working interest and operatorship in each of the Egyptian El Fayum and North Beni Suef Concessions to IPR Lake Qarun Petroleum Co., a wholly owned subsidiary of IPR Energy AG.
On 21 March 2022, upon receiving the signature by the Egyptian Minister of Petroleum and Mineral Resources of the Deeds of Assignment, the farm-out and sale of a 55% working interest share and operatorship to IPR Lake Qarun Petroleum Co is completed.
Following completion of the farm-out, Pharos Energy now holds a 45% working interest share in the North Beni Suef (NBS) Concession in Egypt, which is located immediately south of the El Fayum Concession. IPR Lake Qarun operates and holds the remaining 55% working interest in the NBS Concession.
In 2023, the first exploration commitment well (NBS-SW1X) was declared a commercial discovery and put on production in December 2023. A new 20-year development lease for NBS-SW1X was awarded by EGPC in September 2023, opening up a new area for production and development.
