Pharos Energy no longer evaluating Shell Western Desert acquisition

Pharos Energy PLC said an acquisition of Shell Eqypt NV’s Western Desert assets in Egypt is “unlikely” to be in shareholders’ best interests given current market conditions and it is no longer evaluating the opportunity.

The company confirmed Mar. 6 that it was in the preliminary stages of evaluating acquisition of the Royal Dutch Shell PLC affiliate’s upstream portfolio as part of a consortium.

In October 2019, Shell Egypt noted plans to market its onshore upstream assets in the Western Desert so that it could focus on growing its Egyptian offshore exploration and integrated gas business.