Serica Energy has agreed a recommended all-cash offer for Pharos Energy at 32.6683 pence per share, valuing Pharos at about £145.7mn on a fully diluted basis. The price comprises 28.6683 pence in cash plus a 4.0 pence special dividend to be paid from Pharos’ existing cash resources. The transaction is subject to regulatory approvals in Vietnam and Egypt and is expected to complete in the first half of 2027. Pharos holds working interests in oil and gas assets in Vietnam and Egypt.