Pharos Energy, the Asia-MENA focussed independent oil and gas exploration and production company, today announced the successful completion of the Placing of new Ordinary Shares announced yesterday as well as the concurrent Subscription and Retail Offer.

A total of 44,661,490 new Ordinary Shares, representing 11.2 per cent. of the existing issued Ordinary Shares of the Company prior to the Fundraise, will be issued in the Fundraise at the Placing Price to raise gross proceeds of approximately US$11.7 million (£8.6 million).

Ed Story, Chief Executive of Pharos Energy plc, commented:
"We are delighted to have such strong support in this equity raising from the market, underpinned by our existing shareholders, management team and board.

“These funds will allow us to restart our investment in the water flood programme in the El Fayum oil fields in Egypt imminently as we progress our farm out process. We expect this to bring in the funding for the first phase of the full-scale development drilling programme (oil producers and water injectors), targeting material increases in production.”

KeyFacts Energy: Pharos Energy Egypt country profile