Pharos Energy has released an update on Egypt. The company acknowledges that it has now received all of the receivables that were due from the Egyptian Government. On top of this, Pharos has collected the contingent consideration from its farm-out to IPR. The partners have also started a six-well drilling campaign in Egypt, with the spudding of the first well last week. This is good news for shareholders as many of the risks within Egypt have now dissipated.