What is the value and structure of Ratio Petroleum's acquisition of Pharos Energy, and which assets will Ratio gain access to?

The acquisition is an all-cash deal valued at £124.3 million ($164 million), under which Pharos Energy shareholders will receive up to 28 pence in cash per share. Through this transaction, Ratio Petroleum — an Israel-based energy company — gains access to Pharos’ production assets in Egypt and Vietnam.

What strategic rationale does Ratio Petroleum cite for acquiring Pharos Energy, and how does this align with its recent business shift?

Ratio Petroleum has traditionally focused on frontier exploration but has recently shifted toward acquiring producing assets; this acquisition supports that strategic pivot. The company intends to combine its and Pharos’ asset portfolios, explore selling down part of Pharos’ Egyptian interest to a third-party partner, and may implement headcount reductions. Pharos’ mature fields and limited scale had constrained its growth and capital access, prompting its review of strategic options — making it a target aligned with Ratio’s new focus on operational, revenue-generating assets.

Israel-based Ratio Petroleum to Acquire Pharos Energy

Jun 24, 2026

Ratio Petroleum agreed to acquire Pharos Energy in an all-cash deal valued at £124.3 million, gaining access to production assets in Egypt and Vietnam.

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Israel-based Ratio Petroleum to Acquire Pharos Energy

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