British oil and gas exploration and production company Pharos Energy has received the Vietnamese government’s approval for the two-year extension of phase one of the exploration period of the block 125 and 126 production sharing contract.
The contract will run from November 8, 2023 to November 7, 2025, Pharos announced on Tuesday from its London headquarters.
“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,” said Jann Brown, CEO of the independent energy company.
Blocks 125 and 126 are located in the moderate to deep water Phu Khanh Basin offshore central Vietnam. Pharos holds a 70% interest in and is the designated operator of the two blocks, according to the firm.
Pharos is listed on the London Stock Exchange as PHAR. The company says it has production, development and/or exploration interests in Egypt and Vietnam.