Pharos, together with Cairn Energy plc and Israel's Ratio Oil Exploration, have eight licences offshore Israel. Each party has an equal working interest and Cairn is the operator.
On 28 October 2019, Pharos, together with Cairn Energy PLC and Israel’s Ratio Oil Exploration signed eight offshore licences that were awarded during the second offshore bid round in Israel. Each party has an equal working interest and Cairn is the designated operator.
During 2020, as part of the minimum work commitment, a contract for seismic processing was awarded and seismic processing is ongoing. The project aims to improve the imaging of existing seismic in order to identify and mature any prospectivity. This asset offers low-cost option for potential material gas and provides geographical as well as hydrocarbon diversification.
High quality oil production operations and development assets and exploration blocks, building our scale and creating significant opportunities.
Established and valuable assets, with production at two fields and further potential for growth from two additional exploration blocks.