(Alliance News) - Pharos Energy PLC on Thursday confirmed the finding of oil in its Batran-1X exploration commitment well in Egypt and announced plans to start drilling in Vietnam's Cuu Long Basin.
The oil & gas exploration and production firm said its well encountered 52 feet of net oil pay in the Abu Roash Lower and the Upper Bahariya reservoirs, confirming the potential for more oil on the El Fayum concession.
The Batran-1X well will be completed as a potential future producer in the two reservoir sections as part of Pharos's ramp up of activities at the El Fayum field.
In separate news, Pharos announced it will begin low risk drilling in the Cuu Long Basin offshore Vietnam.
It will also commence a 3D seismic acquisition programme over exploration acreage in Vietnam's Phu Khanh Basin, it said.
Shares were up 1.9% to 25.98 pence in London.
By Will Paige; willpaige@alliancenews.com
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Pharos Energy (PHAR)