Ophir Energy Plc Completion of Acquisition (4642L)
28 April 2015 - 8:00AM
UK Regulatory
TIDMOPHR
RNS Number : 4642L
Ophir Energy Plc
28 April 2015
28 April 2015
Ophir Energy plc
Completion of Acquisition of Four Deepwater Indonesian PSCs
Ophir Energy plc ("Ophir" or "the Company") announces that it
has completed the acquisition of four deepwater Production Sharing
Contracts ("PSCs") in Indonesia from Niko Resources ("Niko"). This
follows the announcement of the agreement to acquire interests in a
series of Niko's deepwater PSCs on 27 October 2014.
The PSCs that have been acquired today are West Papua IV, Aru,
Kofiau and Halmahera-Kofiau, all of which will be operated by
Ophir. The PSCs are located in two core areas in Eastern Indonesia
- West Papua and the Western Birds Head, both of which are highly
prospective basins with exposure to a mix of proven and frontier
oil and gas plays.
Ophir is also in the process of completing the acquisition from
Niko of two additional PSCs - North Makassar Strait and North
Ganal; a further update on these will be provided in due course.
Ophir has separately decided that it will no longer be proceeding
with the acquisition of the Obi PSC.
Nick Cooper, CEO, Ophir Energy, commented:
"The acquisition of these highly prospective deepwater PSCs
continues the build-out of our operations in South East Asia. Our
new Jakarta office, formerly Salamander's, will headquarter the
operating teams and will be complimented by Ophir's exploration
team. The combination and rationalisation of the former Salamander
and Niko operations in Indonesia will provide additional cost
synergies to those that we reported as part of the Salamander
acquisition.
The addition of these blocks significantly expands Ophir's
exploration portfolio. This new acreage demonstrates the key
characteristics of our exploration strategy: (i) low entry costs
without drilling commitments, (ii) attractive economics at $50/bbl.
These elements support a careful countercyclical investment in
exploration at this stage of the commodity cycle. Ophir will now
commission 2D and 3D seismic acquisition programme on these blocks
as we look to build our prospect inventory for high grading and
then drilling in 2016-2017."
Ends
For Further Enquiries please contact:
Ophir Energy plc +44 (0)20 7811 2400
Nick Cooper, CEO
Bill Higgs, COO
Geoff Callow, Head of IR
Brunswick Group +44 (0)20 7404 5959
Patrick Handley
Carolina Desmeules
This information is provided by RNS
The company news service from the London Stock Exchange
END
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