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(Sharecast News) - Pharos Energy announced on Tuesday that it has received approval from the Vietnamese government for a two-year extension to the exploration period of its Blocks 125 and 126 production sharing contract.
It said the new licence term would run from 9 November this year, to 8 November 2027.
The London-listed energy company, which operates assets in both Vietnam and Egypt, said the extension would support its ongoing exploration activities in the region.
"We are pleased to have secured approval from the Vietnamese government for the two-year extension of the Blocks 125 & 126 exploration period," said chief executive officer Katherine Roe.
"This approval reflects the government's continued support as we progress our active discussions with potential farm-in partners and rig contractors to complete all necessary preparations ahead of drilling the commitment well on Block 125.
"We are committed to pursuing this exciting opportunity, and this extension allows us to retain optionality for the prospect to be drilled, whilst investing in near term production growth in our producing assets in Vietnam."
At 0956 BST, shares in Pharos Energy were down 0.67% at 21.26p.
Reporting by Josh White for Sharecast.com.
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