Pharos calls off plan to acquire Shell Egypt assets

Pharos calls off plan to acquire Shell Egypt assets

London-based Pharos Energy, a top oil and gas exploration and production company said after evaluating Shell Egypt's upstream portfolio in the Western Desert in Egypt it has dropped for acquisition of the same.. "The Board of Pharos evaluates M&A opportunities with reference to strict strategic, financial and operational criteria.. In light of current market conditions, the Board of Pharos has determined that an acquisition of the Western Desert Assets is unlikely to be in shareholders' best interests and has decided to withdraw from the consortium that is evaluating that opportunity," Pharos said in a statement on its website..