en.Wedoany.com Reported - Pharos Energy has launched a six-well drilling project in Egypt's Western Desert.

The project includes four wells in the El Fayum block and two wells in the North Beni Suef block (NBS).

The first well, Silah 8-2, spudded on June 4, 2026, and is expected to be completed in June 2026.

In the NBS block, in addition to the two wells planned for 2026, the processing and interpretation of approximately 130 square kilometers of 3D seismic data has identified multiple potential targets.

Two rigs will operate simultaneously, with drilling expected to be completed by the end of the third quarter of 2026. Upon completion, the entire project is expected to increase Egypt's production by approximately 20% by 2027 compared to the end of 2025.

Pharos' average daily production in 2025 was 1,303 barrels of oil equivalent. As of 2026 to date, average daily production is approximately 1,026 barrels of oil equivalent. The 2026 production guidance target is 1,200 to 1,450 barrels of oil equivalent per day.

The El Fayum block is located approximately 80 kilometers southwest of Cairo and currently has 10 producing oil fields. The NBS block is adjacent to the south of the El Fayum block. The first development lease for NBS was awarded in September 2023, and oil production began in December 2023.

Petrosilah is the operator of the El Fayum block, with partners being Pharos Energy (45% interest) and IPR Lake Qarun Company (55% interest). Petrosilah is a 50/50 joint stock company between IPR Lake Qarun Company and the Egyptian General Petroleum Corporation (EGPC).

IPR Lake Qarun Company is the operator of the NBS block (55% interest), with Pharos Energy holding the remaining 45% interest.

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