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 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.
In 2020, Pharos and its partners are intending to commence reprocessing of all the existing 3D seismic vintages across the eight licences to provide a uniform data set.
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.