SMALL-CAP WINNERS & LOSERS: Pharos wins Egypt concession approval

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.

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SMALL-CAP - WINNERS

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Pharos Energy PLC, up 4.0% at 24.60 pence, 12-month range 17.50p-27.73p. Egyptian Parliament approves the third amendment to Pharos's El Fayum Concession agreement. The approved terms include an increase of the cost recovery petroleum percentage and a three-and-a-half-year extension to the exploration licence term. Pharos says the improved financial terms are backdated to November 2020, increasing the contractor share of revenue from 42% to 50%. Signature of the El Fayum amendment is one of the conditions required for the farm-out of a 55% share of Pharos's interest in the El Fayum Concession and the North Beni Suef Concession to IPR Energy AG, a oil and gas exploration and production company with projects in Egypt.

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By Paul McGowan; paulmcgowan@alliancenews.com

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