Ophir Energy sells stake in Tanzanian assets

offshore tanzania-conduqtor wcThe proceeds from the transaction will fuel further investment in new projects targeting wells in Tanzania, Gabon and Equatorial Guinea, according to the company. (Image source: Conduqtor/Wikimedia Commons)Ophir Energy has announced that the company has completed the sale of 20 per cent interest in offshore gas Blocks 1, 3 and 4 in Tanzania to Pavilion Energy

The company said that it has already received cash of US$1,255mn. A further US$38mn would be payable following the final investment decision in respect of the development of Blocks 1, 3 and 4, currently expected in 2016, Ophir Energy added.

Nick Cooper, CEO of Ophir Energy, said, “We are delighted to welcome Pavilion Energy into the Tanzanian LNG development across Blocks 1, 3 and 4. The partial monetisation of our interests is in keeping with Ophir Energy’s strategy of minimising exposure to development capex and realising the value created from exploration success at the appropriate time.”

 

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