24 Nov 2015 08:38
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Don't have an account? Click here to register.Ophir Energy signs Fortuna contract with Schlumberger
Mon, 25th Jan 2016 07:47
(ShareCast News) - Ophir Energy has signed a non-binding head of terms agreement with Schlumberger, which will receive a 40% interest in the company's Fortuna project in Equatorial Guinea.Under the definitive agreement, which is expected to be signed in the second quarter, Schlumberger will reimburse 50% of Ophir's past costs in the form of a development carried interest. This is expected to cover Ophir's share of capital expenditures up until first sales of liquefied natural gas.Chief executive Nick Cooper said: "We are very pleased to welcome Schlumberger into the Fortuna FLNG project. Innovative partnering in the upstream is increasingly important to deliver world class projects that can create value throughout the cycle."Ophir's cost to first gas is fully funded by this transaction, and we can now evaluate the other funding and offtake proposals that we have received to select at financial investment decision the combination that creates most value for shareholders."In addition, Ophir said it is likely to produce 10,500 to 11,500 barrels of oil equivalent per day in 2016, with the Kerendan gas field expected to start contributing to these volumes in the second half of the year.Meanwhile, capital expenditure for the year is seen at between $175m and $225m.Group operating cash flow from producing assets is forecast to be $75m to $100m which, along with a planned 2016 refinancing of the debt facilities, is expected to lead to a 2016 year end cash position of between $550m and $600m.
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17 Nov 2015 16:35
Broker tips: Ophir Energy, Tesco, Sainsbury, Talk Talk
(ShareCast News) - Ophir Energy surged after Credit Suisse upped its stance on the stock to 'neutral' from 'underperform' and lifted the price target to 100p from 90p following the capital markets day. It said the Fortuna floating liquefied natural gas project in Equatorial Guinea was the features o
Read more17 Nov 2015 14:22
FTSE 250 movers: Kaz Minerals and Ophir Energy help market surge
(ShareCast News) - The FTSE 250 surged ahead on Tuesday as traders bet that the Paris attacks would not have a lasting effect on global markets. The index sat at 17,041.67 by mid-afternoon, up 197.29 points (1.17%). Kaz Minerals was the market's biggest gainer, after reached an agreement with its p
Read more17 Nov 2015 09:50
Ophir Energy shares rise on Credit Suisse upgrade
(ShareCast News) - Ophir Energy surged after Credit Suisse upped its stance on the stock to 'neutral' from 'underperform' and lifted the price target to 100p from 90p following the capital markets day. It said the Fortuna floating liquefied natural gas project in Equatorial Guinea was the features o
Read more11 Nov 2015 13:45
Ophir Energy expects Fortuna LNG project investment decision by mid-2016
LONDON, Nov 11 (Reuters) - Oil and gas explorer Ophir Energy expects to finalise sales agreements and make a final investment decision on its Fortuna floating liquefied natural gas (FLNG) project by mid-2016. Ophir's chief operating officer Bill Higgs said the firm is in talks with six or
Read more11 Nov 2015 13:40
FTSE 250 movers: TalkTalk's dividend increase helps market rebound
(ShareCast News) - The FTSE 250 has rebounded after a poor start to the week, with the market in the black by mid-afternon Wednesday at 17,097.44, up 57.62 points (0.34%). TalkTalk led the market after it surprised all by lifting its interim dividend, as it estimated the one-off financial impact of
Read more11 Nov 2015 08:48
Ophir Energy shortlists buyers for Fortuna FLNG project
(ShareCast News) - Ophir Energy has finalised commercial terms for LNG offtake from the Fortuna FLNG Project. The FTSE 250 oil and gas exploration company released an update about the project on Wednesday. It said it is now in the process of signing heads of agreement with a shortlisted group of co
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