Pharos Energy secures EGPC approval for Consolidated Concession in EgyptPharos Energy plc (LON:PHAR), an independent energy company with assets in Vietnam and Egypt, has announced that it has received approval from the Executive Board of the Egyptian General Petroleum Corporation (EGPC) for the consolidation of the El Fayum (EF) and North Beni Suef (NBS) Concession Agreements into a new consolidated concession agreement. Pharos will retain a 45% working interest in the Consolidated Concession, with IPR Lake Qarun Company (IPR) continuing as operator with a 55% working interest. In addition to the 12 development leases of the EF and NBS concessions, the Consolidated Concession will include three new exploration areas. Katherine Roe, Chief Executive Officer, commented: “The approval by EGPC’s Executive Board of the new Consolidated Concession is a significant milestone for our Egyptian business. The improved terms of the Consolidated Concession reset our investment into the assets in order to unlock further value.