Pharos Energy (LSE:PHAR) said it has brought its Egyptian receivables fully current after receiving $12.6 million in 2026, including $3.8 million in the last week, following a $20 million payment on 31 December 2025.
Pharos, an independent energy company with assets in Vietnam and Egypt, said the collections also include contingent consideration from its farm‑out with IPR and reflect proactive engagement with the Egyptian Government alongside improved fiscal terms under a consolidated Concession Agreement.
Drilling in Egypt has recommenced with a six‑well work programme, the first well Silah 8‑2 spudded on 4 June and is expected to complete in June.
The company said it remains on track to execute an $11 million capital investment in Egypt to unlock further value across its asset base.
"We are extremely pleased to have settled our outstanding receivables balance with the Egyptian Government; a significant milestone since acquiring the assets in 2019," Katherine Roe, Chief Executive Officer.
Pharos said the consolidated Concession Agreement was approved by EGPC's Executive Board in late 2025 and expects Parliamentary ratification this year, and that it had collected all contingent consideration from IPR as at 3 June.
