(Alliance News) - Pharos Energy PLC on Friday said it has secured approval from the Vietnam government for its TGT full field development plan.
The oil & gas exploration and production company which has assets in Egypt, Vietnam and Israel stated the approval represents the last stage of the required process and follows the August approval of an initial two-year licence extension to December 7, 2026.
Pharos said it will now proceed to order long lead items which will allow the commencement of the drilling of six firm development wells in the development plan in the fourth quarter of 2021. It added that the infill-drilling programme is targeted to increase gross production at TGT from the present 15,000 barrels of oil equivalent per day to around 20,000 boepd in 2022.
"We are pleased to have received approval from the Prime Minister of Vietnam for the TGT Full Field Development Plan. This final approval enables us to put plans in place to commence the drilling of the six new producer wells on TGT starting in the fourth quarter of 2021, allowing us to realise further resources in the TGT field," said Chief Executive Ed Story.
Shares in Pharos were trading 12% higher at 14.37 pence each on Friday morning in London.
By Ife Taiwo; email@example.com
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