Ashurst advises Pharos Energy plc on its £124 million takeover by Ratio Petroleum

Global law firm Ashurst is advising Pharos Energy plc on its £124 million recommended takeover by Ratio Petroleum Energy plc.

Pursuant to the terms of the acquisition, which is expected to be implemented by way of a scheme of arrangement, Pharos shareholders will be entitled to receive up to 28 pence in cash per Pharos share.

Pharos is an independent energy company listed on the Main Market of the London Stock Exchange. The Pharos Group is focused on delivering sustainable growth and returns through a full-cycle portfolio of production, development, and exploration assets in Vietnam (Cuu Long and Phu Khanh basins) and Egypt (Western Desert).

Ratio Energies is one of Israel’s leading energy partnerships, founded in 1992 with a mission to explore, develop, and produce natural gas and oil in the Eastern Mediterranean Basin. Ratio Energies holds a 20% stake in Ratio, a partnership focused on international oil and gas exploration. Ratio Petroleum Limited was founded more than ten years ago and later acquired by Ratio as part of a group reorganisation. Ratio, which listed in 2017, is incorporated under the laws of Israel with its head office located in Tel Aviv.

The Ashurst team is being led by partners Tom Mercer and Julia Derrick with support from senior associate Millie Gibbs, along with counsel John Papadakis and associates Patrick Chambers, Michael Choi, Tom Segev and Ismail Afzal.