Ophir Energy Plc Sale of Block 5, Mexico (3245Z)
16 Mai 2019 - 5:39PM
UK Regulatory
TIDMOPHR
RNS Number : 3245Z
Ophir Energy Plc
16 May 2019
16 May 2019
Ophir Energy plc
("Ophir")
Sale of Block 5, Mexico
Ophir announces that it has signed a Sales and Purchase
Agreement ("SPA") relating to the sale of its 23.33% interest in
Block 5 (Cuenca Salina), offshore Mexico, to the existing partners
in the Block 5 exploration licence, subsidiaries of Murphy Oil
Corporation, Wintershall Dea and Petronas. Upon closing, interest
in the licence will be held by Murphy Sur, S. de R.L de C.V at 40%
(operator), Sierra Offshore Exploration, S. de R.L. de C.V. at 30%
and PC Carigali Mexico Operations, S.A. de C.V. at 30%. The sale is
for a cash consideration of $35 million, which accounts for back
costs (including its share of the recent well) alongside a cash
premium. The proceeds will be used to enhance liquidity.
The gross book value of the asset being sold is $24 million. The
sale is expected to close before the end of the year and is subject
to government and regulatory approval under the Block 5 exploration
licence.
This transaction is consistent with Ophir's stated strategy of
minimising its exposure to exploration and the update provided in
our 2018 Financial Results that stated we were in advanced
discussions with regards to the sale of our interest in Block
5.
Stellar Advisors were retained by Ophir to manage the process.
Bracewell (UK) LLP acted as legal adviser to Ophir.
For further enquiries please contact:
Ophir Energy plc +44 (0)20 7811 2400
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: 213800LAZOZTKPAV2583).
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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