4 Nov 2015 12:19
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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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2 Nov 2015 14:50
FTSE 250 movers: Serco and Petra lift mid-caps
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Read more2 Nov 2015 08:17
Ophir Energy plugs and abandons Soy Siam prospect well
(ShareCast News) - Ophir Energy has plugged and abandoned the G4/50-10 exploration well that was testing the Soy Siam prospect in Thailand after all reservoirs were dry and no hydrocarbon shows were encountered. The company noted that preliminary well analysis had suggested the structure had no acce
Read more29 Oct 2015 11:45
Ophir sees gas from Equatorial Guinea floating LNG project by 2019
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Read more27 Oct 2015 11:08
Tanzania presidency hopeful to fix LNG land issues in weeks, if win confirmed
* Pre-election polls, ruling party see Magufuli victory * Land issue delays seen holding back LNG plant * Construction of LNG plant would spur Tanzania's growth By Edmund Blair NAIROBI, Oct 27 (Reuters) - A government led by Tanzania's John Magufuli, if his election victor
Read more7 Oct 2015 13:46
FTSE 250 movers: Miners and energy stocks rally; Wizz Air crashes
(ShareCast News) - London's FTSE 250 index was down 0.2% at 17,101.89 just after 1400 BST, underperforming the broader market. Miners were firmly on the front foot as metals prices advanced and the sector got a boost from an upbeat note by Morgan Stanley. The bank upgraded its stance on the European
Read more11 Sep 2015 09:37
BUZZ-UK Oil Cos: Jefferies reshuffles ratings
** Jefferies updates ratings on oil cos, seeing value in the beaten-down sector ** Tullow Oil up 3.1 pct, second-largest large-cap gainer in Europe as Jefferies upgrades rating to "hold" ** Analysts upgrade stock, which is down 49 pct YTD, as it now trades near Jefferies' revised PT o
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