(Kaieteur News) – Israel-based Ratio Petroleum has moved to strengthen its global portfolio through a £124.3 million (US$164 million) acquisition of London-listed Pharos Energy.

The deal centers on producing assets in Egypt and Vietnam. The transaction comes amid heightened commodity price volatility linked to the U.S.-Israeli war on Iran, which has lifted energy companies’ share prices. Against that backdrop, Pharos sought an improved offer from Ratio to reflect its stronger cash flow generation, Reuters reported.

Ratio Petroleum currently holds petroleum interests in three different basins on opposite sides of the world: Guyana, Morocco Atlantic, and the East Palawan Basin in the Philippines.