ArabFinance: Pharos Energy plc announced an oil discovery in two reservoirs in Fayoum, the company said in a press release.

In Egypt the Batran-1X exploration commitment well has encountered oil in the Abu Roash Lower G (LARG) and the Upper Bahariya (UB) reservoirs, the company said.

The Batran-1X commitment exploration well was drilled 4 kilometers west of the Main Tersa-1X well on a fault-bounded and three-way-closed dip potential.

The well encountered 15.85 meters of net oil pay in the LARG and UB sands. In addition, oil was encountered whilst drilling in the Abu Roash A, D and E sands.

The Batran-1X well will be completed as a potential future producer in the LARG and UB reservoir sections, using a workover rig as part of El Fayum field activities ramp-up phase.

The new discovery reconfirms the potential for additional oil on the El Fayum concession, with a potential of 4.3 million barrels in its Abu Rawash Lower G reservoir, and a smaller 430,000 barrel deposit in its Upper Bahariya reservoir.

The concession consists of 10 oil fields over an area of over 1.8k square kilometer.

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