Pharos Energy has received approval from the Vietnamese Government for the two-year extension of Phase One of the Exploration Period (from 8 November 2023 to 7 November 2025) of the Block 125 & 126 Production Sharing Contract (PSC).

Jann Brown, Chief Executive Officer, commented:
“We are pleased to have received approval from the Vietnamese Government for the two-year extension of the Block 125 & 126 Exploration Period. This approval shows the encouraging level of support from the Government while we progress our discussions with a number of interested parties to secure a farm-in partner before drilling the commitment well on Block 125.”

Vietnam operations

In Vietnam, Pharos has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos' unitised interest in the TGT field is 29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang (CNV) field located in Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Blocks 16-1 and 9-2 are located in the shallow water Cuu Long Basin, offshore southern Vietnam. Pharos also holds a 70% interest in, and is designated operator of, Blocks 125 & 126, located in the moderate to deep water Phu Khanh Basin, north east of the Cuu Long Basin, offshore central Vietnam.

KeyFacts Energy: Pharos Energy Vietnam country profile