Fuel exploration firm Pharos’ profits rise as new chief executive announced and Egypt deals near

Gas and oil exploration firm Pharos Energy experienced increased profits and revenue last year, as it appointed a new chief executive to coincide with deals for two major Egyptian concessions.

The London-based company had an operating profit of £48.3m (£37.3m) in 2021 according to its preliminary results, following a pandemic loss of $231.3m (£177m) the previous year.

It also announced the appointment of managing director Jann Brown to the post of chief executive, in wake of conditional agreements for the farm-down and sale of a 55 per cent working interest and operatorship of Egyptian El Fayum and North Beni Suef Concessions to IPR Lake Qarun Petroleum Co (IPR).

“The completion of the deal with IPR, expected imminently, is a key step in reshaping the portfolio and 2022 will see investments made in both Vietnam and Egypt to deliver growth, value and cash flow”, said Jann Brown.

Pharos had a group revenue of $163.8m (£124m) up from $118m (£90m) in 2020. The firm also had a drop in production of oil from 8,878 boepd net, down from 11,373 in 2020.