Ophir Energy Plc Fortuna FLNG Project Update (2930X)
23 November 2017 - 6:00PM
UK Regulatory
TIDMOPHR
RNS Number : 2930X
Ophir Energy Plc
23 November 2017
23 November 2017
Ophir Energy plc
("Ophir")
Fortuna FLNG Project Update
The following is an update on the status of the Fortuna FLNG
project ("the Project"), Equatorial Guinea.
Ophir has agreed a twelve-month extension to the Block R
licence, in which the Project is situated, to the end of December
2018.
The Company, together with its partners in the Project, has been
pursuing financing discussions with a group of Chinese banks. This
process has been taking longer than expected. Concurrently, Ophir
and its partners have therefore also been developing alternative
funding sources for the Project. These alternative options are now
at an advanced stage. Ophir expects to be in a positon to select
one of these options and to finalise the financing arrangements for
the Project by mid-December 2017.
Once the financing arrangements have been selected, Ophir will
promptly seek approval for the Project from its shareholders and
the project stakeholders. The Final Investment Decision, based on
this sequence of approvals, would be expected to take place during
Q1 2018.
Nick Cooper, Chief Executive of Ophir, commented: "The
discussions we have had in recent weeks make us more confident than
ever that shareholders will realise significant value from
Fortuna."
For further enquiries please contact:
Ophir Energy plc + 44 (0) 20 7811 2400
Nick Cooper, CEO
Tony Rouse, CFO
Geoff Callow, Head of IR and Corporate Communications
Brunswick (PR Adviser to Ophir) +44 (0) 20 7404 5959
Patrick Handley
Wendel Verbeek
About Ophir:
Ophir Energy is an independent Upstream oil and gas exploration
and production company focused on Africa and Asia. It is listed on
the London Stock Exchange (LEI: 213800LAZOZTKPAV258).
This information is provided by RNS
The company news service from the London Stock Exchange
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