Cash Deal
Serica Energy has agreed to acquire Pharos Energy in a cash deal, valuing the oil and gas producer at approximately $194.5 million.
This prompted Pharos to withdraw its recommendation for a rival takeover offer from Ratio Petroleum.
Serica stated that this acquisition would extend their operations to Vietnam and Egypt, thereby increasing their pro forma 2P reserves by 13% to 156.8 million barrels of oil equivalent and their 2C resources by 15% to 129.4 million barrels of oil equivalent (boe).
It is also expected to raise their anticipated 2026 exit production rate to approximately 70,000 barrels of oil equivalent per day (boepd).
The combined group will also acquire the approximately $45 million in cash held by Pharos as of 30 June 2026.
The transaction will be implemented through a court-sanctioned scheme of arrangement and remains subject to shareholder, court, and regulatory approvals in Vietnam and Egypt.
Serica expects the acquisition to be completed in the first half of 2027.
