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"Pharos" announces an oil discovery in the Fayoum concession with potential reserves of 4.3 million barrels

Pharos Energy Company announced a new petroleum discovery in Fayoum with potential reserves of 4.3 million barrels of oil, in the Abu Rawash reservoir, and about 430,000 barrels of potential oil in the Upper Bahriya reservoir.


The company added in a statement today, that achieving this discovery opens the door to the possibility of the presence of more crude oil in the Fayoum concession, explaining that preliminary estimates indicate the presence of 430,000 barrels.


The company indicated that the depth of the Tarsa-1X exploration well, located 4 kilometers west of the main well, Tarsa-1X, in the Fayoum concession, is about 52 feet (15.85 meters).