History
Key milestones in the history of Pharos
2024
2023
Egypt
Commercial discovery on North Beni Suef (NBS). Grant of a 20-year development lease opens up a new area for production and development.
2022
Egypt
Completion of the farm-out and sale of a 55% working interest share and operatorship of the Egyptian assets to IPR.
Vietnam
Te Giac Trang (TGT) Field reached a production milestone of 100 million barrels of crude oil produced.
2021
2020
2019
Egypt
Acquisition of Merlon Petroleum El Fayum
Total shareholders return to date: $530m
2018
Congo (Brazzavile)
Disposal of Congo (Brazzavile) assets
2017
Vietnam
New venture into a Production Sharing Contract in Blocks 125 & 126
2016
2015
Congo (Brazzavile)
Successful completion of Lidongo X Marine 101 exploration well
2014
Congo (Brazzavile)
Successful completion of exploration well offshore
2013
Congo (Brazzavile)
Group farmed into, as operator, Mer Profonde Sud Block, offshore Congo
DRC
Nganzi Block relinquished
2012
Vietnam
First oil from TGT H4-WHP brought peak TGT production to over 60,500 BOPD
Congo (Brazzavile)
- Nanga II A: Awarded sole Prospection Authorisation
- Marine XIV Block relinquished
2011
Vietnam
First oil from TGT H1-WHP with development project completed on time and on budget
2010
DRC
Nganzi: First farm into onshore DRC
Thailand
Disposal of Bualang concession
2009
Congo (Brazzavile)
- Drilled first well in Africa on the Marine XI Block
- First farm into Marine XIV
DRC
Added Block V, Eastern DRC to portfolio
2008
Vietnam
First oil from CNV
Thailand
First oil from Bualang
2007
Angola
Cabinda North licence added to Africa portfolio
Yemen
Disposal of East Shabwa Development Area
2006
DRC
Production Sharing Agreement signed on Nganzi block
Thailand
Participation Agreement farmed out 60% of Bualang concession
2005
Vietnam
Block 16-1 TGT field discovered
Congo (Brazzavile)
Marine XI: Entered new core area in Africa upon signing Production Sharing Agreement
Mongolia
Disposal of Mongolian assets
2004
Tunisia
Disposal of Didon/Zarat interests
2003
Yemen
Start of production from Basement discovery on East Shabwa Development Area
2002
Vietnam
- Farmed out 50% of Vietnam interests to PTTEP
- Block 9-2 CNV field discovered
2001
Russia
Disposal of JV Permtex interests
2000
Vietnam
Block 9-2 petroleum contract signed
1999
Vietnam
Block 16-1 petroleum contract signed
Yemen
Disposal of Weald Basin assets
1998
Tunisia
Production commenced from Didon field
Mongolia
First oil sales from Mongolia to China
1997
Vietnam
Shortlisted for an offshore concession
Yemen
East Shabwa Development Area commences production
The Group and the DRC
The Group publicly set out its withdrawal programme from Block V in June 2014. In line with this public commitment, The Group’s operations inside Virunga National Park ceased on 22 July 2014 and elsewhere in Block V on 11 August 2014. On 12 March 2015, The Group committed to no further involvement in Block V and stated in its financial results announcement that all costs incurred on Block V to date and any further costs anticipated in the course of 2015 have been written off as exploration expense in 2014.
No exploration drilling took place in Block V. No drilling commitment was ever made and no oil exploitation plans existed for Block V. Block V is not located within the mountainous Mikeno Sector, home to the famous Mountain Gorillas. The Group has publicly stated since 2011 that it would never seek to have operations in the Mountain Gorilla habitat, the Virunga Volcanoes or the Virunga equatorial rainforest.
The Company currently has no working interest in sub-saharan Africa nor intends to invest further in the region.