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Pharos Energy exits group looking to buy Shell's Western Desert assets

Published 21/04/2020, 07:46
Updated 21/04/2020, 07:50
© Reuters.

(Reuters) - Pharos Energy (L:PHARP) said on Tuesday it was withdrawing from a consortium evaluating the acquisition of Shell Egypt NV's (L:RDSa) assets in Western Desert in Egypt, amid a collapse in global oil prices.

Acquisition of the upstream portfolio is unlikely to be in shareholders' best interests in light of current market conditions, Pharos Energy said.

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