Pharos decides against buying Shell's upstream assets in Egypt

London-listed Pharos Energy has announced that after evaluating Shell Egypt's upstream portfolio in the Western Desert it has decided against it amid current market conditions.

In a statement Pharos said: "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 accordingly decided to withdraw from the consortium that is evaluating that opportunity.

Pharos added that it remains committed to its strategy of delivering sustainable long-term growth and will consider other growth opportunities.