Pharos Energy

Pharos shares dropped about 5% after Serica Energy said it would not increase its takeover offer of £145.7m unless there was another bid. Pharos’s board instead backs an improved offer from Ratio Petroleum, which proposes 32.8p per share (28.8p in cash plus a 4p special dividend). The higher bid intensifies the takeover contest for the North Sea producer, with Ratio pointing to greater regulatory transaction certainty. » More on de.investing.com

Pharos Energy received a $20 million payment from the Egyptian General Petroleum Corporation, reducing outstanding receivables to $7.4 million — the lowest level since December 2021. The company attributes the payment and the consolidated concession agreement approved in September to improved fiscal terms. Pharos plans, together with partner IPR, a drilling campaign to increase production at its Egyptian assets, in line with the production targets of the Egyptian Ministry of Petroleum and Mineral Resources. » More on de.investing.com

Pharos Energy has begun a drilling program of six infill and appraisal wells in Vietnam; two rigs are currently operating. The first well in the TGT field exceeded expectations, a second infill well on the H5 fault block was started on December 2, and all wells can be tied in immediately to existing facilities. Average net production year-to-date is 5,391 boepd, in line with the 2025 guidance; the company is debt-free, holds about USD 16.6m in cash, and expects to complete the program by mid-2026. » More on de.investing.com