LONDON: On 6 March 2020, Pharos Energy plc confirmed that it was in the preliminary stages of evaluating the acquisition, as part of a consortium, of Shell Egypt NV’s (an affiliate of Royal Dutch Shell plc) upstream portfolio in the Western Desert in Egypt.
The Board of Pharos evaluates M&A opportunities with reference to strict strategic, financial and operational criteria. In light of current market conditions, the Board of Pharos has determined that an acquisition of the Western Desert Assets is unlikely to be in shareholders’ best interests and has accordingly decided to withdraw from the consortium that is evaluating that opportunity.
The Board remains committed to its strategy of delivering sustainable long-term growth, and our strategic ambition is to deliver value for all our stakeholders through the responsible management of our current portfolio and the careful selection of growth opportunities.