Pharos, together with Cairn Energy plc and Israel's Ratio Oil Exploration, were successful in their bid for eight blocks in the second offshore bid round in Israel. Each party has an equal working interest and Cairn is to be operator.
Licences will have an initial term of three years with a pair of two-year extension options. There will be a minimum work programme in the initial phases which include re-evaluation of the potential of the acreage by integrating all available data, and reprocessing of 3D seismic data over high-graded prospects in each Zone. There are no firm commitment wells in the first licence phase.
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.