Pharos Energy said on Monday it had adjourned its shareholder vote on the proposed acquisition of Ratio Petroleum, citing the need for further approvals.
The London-listed oil and gas producer did not specify a new date for the vote, which had been scheduled for Sept. 19. The company said it would provide an update in due course.
The proposed deal, valued at $120 million, would expand Pharos Energy’s footprint in Egypt’s oil sector. Ratio Petroleum holds a 20% stake in Egypt’s Ras El Ush concession, a mature oilfield with estimated reserves of 15 million barrels.
Pharos Energy, which operates in Egypt and Vietnam, said the adjournment was a procedural step to ensure full compliance with regulatory and shareholder requirements. The company did not indicate any change to the strategic rationale behind the acquisition.
Shareholders had previously approved the deal in principle, but the adjournment suggests additional scrutiny or documentation may be required before final clearance.
