Pharos Energy's Offshore Drilling Campaign in Vietnam

UK-listed Pharos Energy has achieved significant progress in its offshore drilling campaign in Vietnam, with successful results from appraisal and infill wells that could boost production volumes. At the Te Giac Trang (TGT) field, the TGT-18X appraisal well flowed at an encouraging initial rate of 2,000 barrels per day (bpd) of oil gross, with further testing ongoing. At the Ca Nu Vang (CNV) field, drilling of the CNV-5X appraisal well began on 15 March, with completion expected by mid-2026. Pharos noted in its 2025 annual report that success at both appraisal wells could contribute up to a 20% increase in its Vietnam production volumes while de-risking additional development opportunities.

Infill Well Results and Production Contributions

Pharos began a six-well drilling programme in October, including three infill wells and one appraisal well at TGT, and one infill well and one appraisal well at CNV. All three infill wells at TGT were completed and put on stream by April, with initial gross production rates of 1,700, 600, and 1,400 bpd respectively, currently contributing approximately 2,800 bpd gross of crude combined. The CNV field infill well was completed in mid-March at an initial production rate of 700 bpd gross of oil, contributing 800 bpd gross following clean-up. With five out of six wells drilled successfully, all on time and on budget, CEO Katherine Roe stated the drilling programme is almost complete, with these wells already contributing to production and reserves growth.

Production Guidance and Licence Extensions

Pharos has set its Vietnam 2026 production guidance at 4,000 to 4,950 barrels of oil equivalent per day net. In late 2024, the company received five-year extensions for the TGT and CNV fields, with licence periods now until 7 December 2031 and 15 December 2032 respectively, paving the way for a 70% reserves upgrade if future drilling proves successful. The TGT field is owned by the Hoang Long joint operating company, with partners including PetroVietnam Exploration & Production (41%), Pharos (30.5%), and Thailand's PTT Exploration & Production (28.5%). The CNV field is owned by the Hoan Vu joint operating company, with partners PetroVietnam Exploration & Production (50%), Pharos (25%), and Thailand's PTTEP (25%).

Egypt Onshore Drilling Programme

In addition to its Vietnam portfolio, Pharos has commenced a six-well onshore drilling programme in Egypt, with two rigs expected to run in parallel. The rig placed in Egypt is now on location to drill the first well, Silah 8-2, with spudding expected soon. Pharos' Egypt 2026 net production guidance is between 1,200 and 1,450 bpd of oil.