Ophir Energy Plc Acquisition (0284A)
06 September 2018 - 11:10PM
UK Regulatory
TIDMOPHR
RNS Number : 0284A
Ophir Energy Plc
06 September 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM ANY RESTRICTED JURISDICTIONS OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
6 September 2018
Ophir Energy plc
("Ophir")
Completion of acquisition of certain Southeast Asian producing
assets from Santos Limited
Ophir is pleased to announce the completion of the acquisition
of the Producing Assets from Santos Limited ("Santos").
Interim CEO of Ophir, Alan Booth, said: "I am delighted that we
have completed the acquisition of the Producing Assets from Santos
Limited and would like to extend a warm welcome to our new
colleagues. The Transaction represents an attractive next step in
our strategy, adding a portfolio of high quality production and
development assets that further enhance the cash flow
characteristics of Ophir."
The acquisition of the Producing Assets was structured so as to
have an effective date of 1 January 2018, with cash flows generated
by the Producing Assets post the effective date (but
pre-completion) netted off against the final amount payable. The
cash flows generated by the Producing Assets in 2018 have been
better than Ophir's expectations, owing to higher than expected
commodity prices over the period and production from the Chim Sáo
field in Vietnam outperforming. The net cash payable to Santos by
Ophir on completion is therefore $144 million (subject to any post
completion adjustment).
Completion in respect of the Exploration Assets is conditional
upon, amongst other things, regulatory and certain partner
consents, and their respective pre-emption regimes and is expected
in 2019.
Capitalised terms not otherwise defined in this announcement
shall have the meaning given to them in the shareholder circular
dated 3 August.
Enquiries:
Ophir
Geoff Callow, Head of IR and Corporate +44 (0)20 7811
Communications 2400
Brunswick (PR Adviser to Ophir)
Patrick Handley +44 (0)20 7404
Wendel Verbeek 595
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END
ACQGMGGLFVLGRZM
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