Pharos Energy gets top-level approval for Vietnam development

Independent oil and gas exploration and production company Pharos Energy has received approval from the prime minister of Vietnam for the TGT full field development plan, it announced on Friday.

The London-listed firm said the approval represented the last stage of the required process, and followed the recent approval of an initial two-year licence extension to 7 December 2026.

It said the ordering of long-lead items could now proceed to enable the drilling of six firm development wells contained in the full field development plan to start in the fourth quarter of 2021, as planned.

The infill drilling programme was targeted to increase gross production at TGT from the present 15,000 barrels of oil equivalent per day to around 20,000 barrels of oil equivalent per day in 2022.

“We are pleased to have received approval from the prime minister of Vietnam for the TGT full field development plan,” said president and chief executive officer Ed Story.

“This final approval enables us to put plans in place to commence the drilling of the six new producer wells on TGT starting in the fourth quarter of 2021, allowing us to realise further resources in the TGT field.”

At 1434 BST, shares in Pharos Energy were up 6.24% at 13.62p.