The UK’s Serica Energy has declined to up its bid for Pharos after a rival, Ratio, upped the ante on the deal to acquire oil and gas assets in Vietnam and Egypt. Israel-based Ratio tabled an increased bid of £146.4m – a 0.5% increase – for Pharos Friday. The UK firm initially outbid Ratio by 20% when it tabled its offer in July, valuing Pharos at 32.6683 pence per share. Serica is also in a good position having secured $750m in lending facilities after completing a number of North Sea acquisitions in 2025/26. She’s spent more than 20 years reporting and editing business news, with the last decade focused on the North Sea and the UK’s energy transition.