Serica Energy to acquire Pharos Energy
Type: Acquisition · Technology: Oil Gas · Country: Vietnam, Egypt, United Kingdom · Announced: 2026-07-31
Serica Energy has announced a recommended acquisition agreement to acquire the entire issued share capital of Pharos Energy. This deal marks Serica's first operational presence outside the UK, expanding into Vietnam and Egypt. The acquisition is structured as a scheme of arrangement, requiring Pharos shareholder approval. Pharos Energy was previously heading towards a deal with Ratio, but has now reversed course to recommend Serica's offer, which provides a material cash premium. The combined group is projected to reach a pro forma 2026 exit production rate of approximately 70,000 barrels of oil equivalent per day, with pro forma 2P reserves increasing by 13% to 156.8 million barrels of oil equivalent.
Counterparties
- Serica Energy (Buyer)
- Pharos Energy (Seller)
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