Pharos Energy launches drilling program in Egypt's Western Desert
Key Highlights
- Pharos Energy and partners have started drilling in Egypt’s Western Desert.
- The drilling program includes four wells in the El Fayum concession and two wells in the North Beni Suef concession.
Pharos Energy plc has begun a six-well drilling program in Egypt’s Western Desert.
The program will include four wells in the El Fayum concession and two wells in the North Beni Suef concession (NBS).
The first well, Silah 8-2, spudded on June 4, 2026, and is expected to complete in June.
In NBS, processing and interpretation of about 130 sq km of 3D seismic data identified a number of targets in addition to the two planned 2026 wells.
Two rigs will run simultaneously and are expected to finish drilling operations by the end-third-quarter 2026. Once completed, the full program is expected to increase production from Egypt by about 20% by 2027 compared to year-end 2025.
Pharos average production for 2025 was 1,303 bo/d. This year, production has averaged about 1026 bo/d. Production guidance for 2026 is 1,200-1,450 bo/d.
The El Fayum concession, which lies about 80 km southwest of Cairo, produces oil from 10 fields. NBS lies immediately south of the El Fayum concession. The first development lease on NBS was awarded in September 2023 and oil production started in December 2023.
Petrosilah is operator of El Fayum with partners Pharos (45%) and IPR Lake Qarun (55%). Petrosilah is a 50/50 joint stock venture between IPR Lake Qarun and the Egyptian General Petroleum Corp. (EGPC).
IPR Lake Qarun is operator of the NBS concession (55%) with Pharos holding the remaining 45%.